MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	TEXTILES SCALA SA

Registered Office :	C/ Del Pla, 19. - Molins De Rei - 08750 - Barcelona

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	11.12.1985

Legal Form :	Public Company

Line of Business :	Wholesale of textiles

No. of Employees :	Not Available

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:

TEXTILES SCALA SA

NIF / Fiscal code:

A58086166

Status:

ACTIVE

Incorporation Date:

11/12/1985

Register Data

Last Publication in BORME:

03/10/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

60.101,21

Localization:

C/ DEL PLA, 19. - MOLINS DE REI - 08750 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 932 324 211

Activity:

NACE:

4641 - Wholesale of textiles

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ANIBROS SL

99.87 %

Enquiry Details

Identification

Social Denomination:

TEXTILES SCALA SA

NIF / Fiscal code:

A58086166

Corporate Status:

ACTIVE

Registered Office:

C/ DEL PLA, 19.

Locality:

MOLINS DE REI

Province:

BARCELONA

Postal Code:

08750

Telephone:

932 324 211

Fax:

932 325 076

Activity

NACE:

4641

CNAE Obtaining Source:

4641

Additional Information:

It is engaged in the wholesale and distribution of textile products.

Additional Address:

C/ DEL PLA, 19 08750 MOLINS DE REI (BARCELONA), registerede office, warehouse, offices and premises, rented.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1991

Accounts deposit (ejer. 1989, 1990)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1)

1997

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

1998

Accounts deposit (ejer. 1994, 1995, 1996)

2002

Accounts deposit (ejer. 1997, 1998, 1999, 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Dividends Payment (1)

2003

Accounts deposit (ejer. 2001)

2004

Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (ejer. 2002, 2003) Appointments/ Re-elections (1)

2006

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Other Concepts/ Events (1)

2007

Accounts deposit (ejer. 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2008

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

2009

Appointments/ Re-elections (1)

2010

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

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2)

2014

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

60.101,21

Paid up capital:

60.101,21

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

12/07/1994

Increase of Capital

30.051

7.513

60.101

37.563

02/04/2002

Capital call payment

---

22.538

60.101

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ANIDJAR BENZAQUEN SALOMON ERIC

16/10/2012

MEMBER OF THE BOARD

ANIDJAR BENZAQUEN SALOMON ERIC

16/10/2012

ANIDJAR BENARROCH MESSOD FORTUNATO

16/10/2012

AARON ANIDJAR DANIEL

16/10/2012

BRENNER SCHERSCHENER SERGIO

16/10/2012

LEON ANIDJAR

19/11/2002

PROXY

DANIEL AARON ANIDJAR

31/05/2013

SALOMON ERIC ANDJAR BENZAQUEN

27/05/2002

BRENNER SCHERSCHENER SERGIO MIGUEL

27/05/2002

DAVID LAURENT ANIDJAR

27/05/2002

CHIEF EXECUTIVE OFFICER

ANIDJAR BENZAQUEN SALOMON ERIC

16/10/2012

SECRETARY

AARON ANIDJAR DANIEL

16/10/2012

ACCOUNTS' AUDITOR / HOLDER

MAZARS AUDITORES SLP

25/09/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANIDJAR BENARROCH MESSOD FORTUNATO

MEMBER OF THE BOARD

19/11/2002

CHIEF EXECUTIVE OFFICER

19/11/2002

ANIDJAR COHEN ABRAHAM

MEMBER OF THE BOARD

29/12/1997

MEMBER OF THE BOARD

19/11/2002

MEMBER OF THE BOARD

13/07/2007

MEMBER OF THE BOARD

16/10/2012

CHIEF EXECUTIVE OFFICER

29/12/1997

CHIEF EXECUTIVE OFFICER

19/11/2002

CHIEF EXECUTIVE OFFICER

13/07/2007

CHIEF EXECUTIVE OFFICER

16/10/2012

PRESIDENT

29/12/1997

PRESIDENT

19/11/2002

PRESIDENT

13/07/2007

PRESIDENT

16/10/2012

ANIDJAR COHEN JACOB

MEMBER OF THE BOARD

19/11/2002

ANIDJAR COHEN JACOBO

MEMBER OF THE BOARD

29/12/1997

MEMBER OF THE BOARD

20/12/2004

ANIDJAR COHEN JOSE

MEMBER OF THE BOARD

16/10/2012

ANIDJAR COHEN JOSEP

MEMBER OF THE BOARD

13/07/2007

ANIDJAR COHEN JOSEPH

MEMBER OF THE BOARD

29/12/1997

MEMBER OF THE BOARD

19/11/2002

CHIEF EXECUTIVE OFFICER

07/09/1994

ANIDJAR COHEN LEON

MEMBER OF THE BOARD

16/10/2012

CHIEF EXECUTIVE OFFICER

16/10/2012

SECRETARY

16/10/2012

DANIEL AARON ANIDJAR

PROXY

13/04/2007

PROXY

31/05/2013

LEON ANIDJAR

MEMBER OF THE BOARD

29/12/1997

MEMBER OF THE BOARD

19/11/2002

CHIEF EXECUTIVE OFFICER

19/06/2006

SECRETARY

29/12/1997

SECRETARY

19/11/2002

SECRETARY

19/06/2006

LEON ANIDJAR COHEN

MEMBER OF THE BOARD

13/07/2007

CHIEF EXECUTIVE OFFICER

13/07/2007

SECRETARY

13/07/2007

MAZARS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

25/02/2010

ACCOUNTS' AUDITOR / HOLDER

24/07/2006

ACCOUNTS' AUDITOR / HOLDER

03/07/2007

ACCOUNTS' AUDITOR / HOLDER

31/07/2008

ACCOUNTS' AUDITOR / HOLDER

26/01/2009

MAZARS AUDITORES SLP

ACCOUNTS' AUDITOR / HOLDER

16/03/2011

ACCOUNTS' AUDITOR / HOLDER

16/10/2012

ACCOUNTS' AUDITOR / HOLDER

25/09/2013

MESSOD FORTUNATO ANIDJAR BENARROCH

MEMBER OF THE BOARD

29/12/1997

CHIEF EXECUTIVE OFFICER

29/12/1997

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

DANIEL ANIJAR

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

---

15/04/2009

05/06/2009

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for rating

Positive Factors

Adverse Factors

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

Adequate level of financial autonomy. The financial autonomy of the entity represents the 34.37 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

TEXTILES SCALA SA 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.

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.

The current debt represents a 65.63% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Among the companies with similar characteristics, TEXTILES SCALA 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: 0.517 %

> Latest Rating Changes :

Sector in which comparison is carried out :

464 Wholesale of household goods

Relative Position:

Credit quality is superior to that of other companies in the same sector.

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 TEXTILES SCALA 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 0.517%.

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

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

2 Legal Claims 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 BARCELONA - Date 05/06/2009

Last Published Stage:

SEIZURE

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. BARCELONA Nº147, 2009 ANEXO 3 PAGINA 42

PROCESSED BY THE LOCAL GOVERNMENT DE BARCELONA - Date 15/04/2009

Last Published Stage:

SEIZURE

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. BARCELONA Nº94, 2009 ANEXO 2 PAGINA 107

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ANIBROS SL

BARCELONA

99.87

PARTICIPATES IN

ECCOWOOD CAPITAL SOCIEDAD ANONIMA

TARRAGONA

4.96

> Other relationships

Relationship

Entity

Province

Shareholding stake

BELONGS TO THE ADMINISTRATION BOARD OF

ANIVELL SISTEMAS SL

BARCELONA

Turnover

Total Sales 2013

21.800.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

February 2014

2011

Normales

April 2013

2010

Normales

March 2012

2009

Normales

February 2011

2008

Normales

January 2010

2007

Normales

October 2008

2006

Normales

January 2008

2005

Normales

February 2007

2004

Normales

June 2006

2003

Normales

June 2005

2002

Normales

June 2005

2001

Normales

February 2003

2000

Normales

March 2002

1999

Normales

March 2002

1998

Normales

January 2002

1997

Normales

January 2002

1996

Normales

December 1997

1995

Normales

December 1997

1994

Normales

December 1997

1993

Normales

August 1994

1992

Normales

September 1993

1991

Normales

July 1992

1990

Normales

September 1991

1989

Normales

January 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 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 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

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

199.401,00

205.646,00

318.793,00

321.916,00

303.704,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

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

6.416,00

12.661,00

15.784,00

18.907,00

694,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

6.416,00

12.661,00

15.784,00

18.907,00

694,00

3. Tangible asset in progress and advances: 11230

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

192.985,00

303.009,00

192.985,00

1. Equity instruments: 11410

192.985,00

303.009,00

192.985,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

110.025,00

1. Equity instruments: 11510

0,00

110.025,00

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. 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

9.458.631,00

7.473.731,00

5.588.951,00

3.425.001,00

3.829.737,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

174.762,00

331.519,00

168.315,00

61.041,00

0,00

1. Commercial: 12210

174.762,00

331.519,00

168.315,00

0,00

2. Primary material and other supplies: 12220

0,00

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

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

61.041,00

0,00

III. Trade debtors and others receivable accounts: 12300

7.739.550,00

6.438.933,00

4.375.468,00

2.138.191,00

3.670.152,00

1. Trade debtors / accounts receivable: 12310

7.368.452,00

5.003.947,00

3.962.219,00

1.949.885,00

3.534.722,00

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

0,00

b) Customers for sales and provisions of services : 12312

7.368.452,00

5.003.947,00

3.962.219,00

1.949.885,00

3.534.722,00

2. Customers, Group companies and associates : 12320

138.624,00

1.237.572,00

280.508,00

98.870,00

117.004,00

3. Other accounts receivable: 12330

3.146,00

3.145,00

3.146,00

3.145,00

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

229.328,00

194.269,00

129.595,00

86.291,00

18.426,00

7. Called up share capital: 12370

0,00

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

378.706,00

0,00

12.461,00

202.148,00

25.964,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

12.461,00

202.148,00

25.964,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

378.706,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

63.417,00

59.256,00

12.000,00

32.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

2.091,00

10.229,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

61.326,00

49.027,00

12.000,00

32.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.102.196,00

644.023,00

1.020.707,00

991.621,00

133.621,00

1. Treasury: 12710

1.102.196,00

644.023,00

1.020.707,00

991.621,00

133.621,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

9.658.032,00

7.679.377,00

5.907.744,00

3.746.917,00

4.133.441,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

3.319.452,00

2.698.329,00

1.975.210,00

1.717.133,00

1.586.184,00

A-1) Shareholders' equity: 21000

3.319.452,00

2.698.329,00

1.975.210,00

1.717.133,00

1.586.184,00

I. Capital: 21100

60.104,00

1. Registered capital : 21110

60.104,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.470.226,00

1.915.106,00

1.577.029,00

1.526.080,00

1.132.469,00

1. Legal y estatutarias: 21310

12.021,00

2. Other reserves: 21320

2.458.205,00

1.903.085,00

1.565.008,00

1.514.059,00

1.120.448,00

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

789.122,00

723.119,00

338.077,00

130.949,00

393.611,00

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

0,00

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

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

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

6.338.580,00

4.981.048,00

3.932.534,00

2.029.784,00

2.547.257,00

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

573.123,00

334.991,00

43.261,00

43.063,00

441.523,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

573.123,00

334.991,00

43.261,00

43.063,00

441.523,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

1.234.217,00

311.192,00

712.235,00

258.646,00

392.899,00

V. Trade creditors and other accounts payable: 32500

4.531.240,00

4.334.865,00

3.177.038,00

1.728.075,00

1.712.835,00

1. Suppliers: 32510

744.394,00

1.251.274,00

1.397.452,00

692.766,00

946.067,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

744.394,00

1.251.274,00

1.397.452,00

692.766,00

946.067,00

2. Suppliers, Group companies and associates: 32520

2.784.970,00

1.824.595,00

1.105.368,00

467.396,00

512.686,00

3. Other creditors: 32530

942.030,00

1.217.446,00

579.659,00

356.500,00

238.163,00

4. Personnel (remuneration due): 32540

12.104,00

7.877,00

67.100,00

5.852,00

5.851,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

21.183,00

7.114,00

6.198,00

5.819,00

10.068,00

7. Advances from clients: 32570

26.559,00

21.261,00

199.742,00

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

9.658.032,00

7.679.377,00

5.907.744,00

3.746.917,00

4.133.441,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

21.650.123,00

17.927.394,00

12.862.601,00

9.140.191,00

9.265.494,00

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

-18.805.744,00

-15.768.248,00

-11.596.849,00

-8.003.575,00

-8.300.056,00

5. Other operating income: 40500

62.886,00

67.234,00

60.721,00

42.832,00

0,00

6. Personnel costs: 40600

-214.163,00

-177.880,00

-214.391,00

-149.493,00

-148.989,00

7. Other operating costs: 40700

-1.560.159,00

-1.230.996,00

-881.173,00

-632.804,00

-299.774,00

8. Amortisation of fixed assets: 40800

-6.245,00

-3.123,00

-1.304,00

-252,00

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

-8.500,00

0,00

-6.000,00

-706,00

630,00

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

1.118.198,00

814.381,00

221.786,00

395.141,00

517.053,00

14. Financial income : 41400

172.163,00

85.581,00

84.072,00

6.984,00

9.476,00

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

0,00

b) Other financial income: 41490

172.163,00

85.581,00

84.072,00

6.984,00

9.476,00

15. Financial expenditure: 41500

-55.236,00

-5.935,00

-3.526,00

-5.786,00

-25.394,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-179.626,00

204.266,00

144.223,00

-211.483,00

61.166,00

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

0,00

-100.957,00

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

-62.699,00

182.955,00

224.769,00

-210.285,00

45.248,00

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

1.055.499,00

997.336,00

446.555,00

184.856,00

562.301,00

20. Income taxes: 41900

-266.377,00

-274.217,00

-108.478,00

-53.907,00

-168.690,00

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

789.122,00

723.119,00

338.077,00

130.949,00

393.611,00

> 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 2009 2008 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 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

199.401,00

205.646,00

318.793,00

321.916,00

303.704,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

1. Research and development costs:

0,00

2. Concessions, patents, licences, trademarks et al.:

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

6.416,00

12.661,00

15.784,00

18.907,00

694,00

1. Land and construction:

0,00

2. Technical installations and machinery:

6.416,00

12.661,00

15.784,00

18.907,00

694,00

3. Other installations, tools and furniture:

0,00

4. Payments on account and tangible fixed assets under construction:

0,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

192.985,00

303.009,00

303.010,00

1. Equity investments in group companies:

192.985,00

303.009,00

192.985,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

110.025,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

9.458.631,00

7.473.731,00

5.588.951,00

3.425.001,00

3.829.737,00

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

0,00

II. Stocks:

174.762,00

331.519,00

168.315,00

61.041,00

0,00

1. Goods for resale:

174.762,00

331.519,00

168.315,00

0,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

61.041,00

0,00

7. Provisions:

0,00

III. Debtors:

7.739.550,00

6.438.933,00

4.375.468,00

2.138.191,00

3.670.152,00

1. Trade debtors / accounts receivable:

7.368.452,00

5.003.947,00

3.962.219,00

1.949.885,00

3.534.722,00

2. Accounts receivable, Group companies:

138.624,00

1.237.572,00

280.508,00

98.870,00

117.004,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

3.146,00

3.145,00

3.146,00

3.145,00

0,00

5. Staff:

0,00

6. Public bodies:

229.328,00

194.269,00

129.595,00

86.291,00

18.426,00

7. Provisions:

0,00

IV. Short-term investments:

442.123,00

59.256,00

24.461,00

234.148,00

25.964,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

12.461,00

202.148,00

25.964,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

380.797,00

10.229,00

0,00

7. Shor term guarantees and deposits:

61.326,00

49.027,00

12.000,00

32.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.102.196,00

644.023,00

1.020.707,00

991.621,00

133.621,00

VII. Prepayments and accrued income:

0,00

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

9.658.032,00

7.679.377,00

5.907.744,00

3.746.917,00

4.133.441,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

3.319.452,00

2.698.329,00

1.975.210,00

1.717.133,00

1.586.184,00

I. Subscribed capital:

60.104,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.470.226,00

1.915.106,00

1.577.029,00

1.526.080,00

1.132.469,00

1. Legal reserve:

12.021,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.458.205,00

1.903.085,00

1.565.008,00

1.514.059,00

1.120.448,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

789.122,00

723.119,00

338.077,00

130.949,00

393.611,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

0,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

6.338.580,00

4.981.048,00

3.932.534,00

2.029.784,00

2.547.257,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

573.123,00

334.991,00

43.261,00

43.063,00

441.523,00

1. Loans and other liabilities:

573.123,00

334.991,00

43.261,00

43.063,00

441.523,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

III. Short-term amounts owed to group and associated companies:

4.019.187,00

2.135.787,00

1.817.603,00

726.042,00

905.585,00

1. Amounts owed to group companies:

4.019.187,00

2.135.787,00

1.817.603,00

726.042,00

905.585,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.712.983,00

2.495.279,00

1.998.372,00

1.249.008,00

1.184.230,00

1. Advanced payments from customers:

26.559,00

21.261,00

199.742,00

0,00

2. Amounts owed for purchases of goods or services:

1.686.424,00

2.468.720,00

1.977.111,00

1.049.266,00

1.184.230,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

33.287,00

14.991,00

73.298,00

11.671,00

15.919,00

1. Public bodies:

21.183,00

7.114,00

6.198,00

5.819,00

10.068,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

12.104,00

7.877,00

67.100,00

5.852,00

5.851,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

9.658.032,00

7.679.377,00

5.907.744,00

3.746.917,00

4.133.441,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

21.096.050,00

17.561.356,00

12.813.540,00

9.059.058,00

8.943.155,00

A.1. Operating consumption:

18.805.744,00

15.768.248,00

11.596.849,00

8.003.575,00

8.300.056,00

A.2. Staff Costs:

214.163,00

177.880,00

214.391,00

149.493,00

148.989,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

214.163,00

177.880,00

214.391,00

149.493,00

148.989,00

A.3. Depreciation expense:

6.245,00

3.123,00

1.304,00

252,00

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

0,00

A.5. Other operating charges:

1.560.159,00

1.230.996,00

881.173,00

632.804,00

299.774,00

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

1.126.698,00

814.381,00

227.786,00

395.847,00

516.423,00

A.6. Financial and similar charges:

55.236,00

106.892,00

3.526,00

5.786,00

25.394,00

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:

55.236,00

5.935,00

3.526,00

5.786,00

25.394,00

d) Losses from financial investments:

0,00

100.957,00

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

179.626,00

0,00

211.483,00

0,00

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

0,00

182.955,00

224.769,00

0,00

45.248,00

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

1.063.999,00

997.336,00

452.555,00

185.562,00

561.671,00

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:

8.500,00

0,00

6.000,00

706,00

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):

0,00

630,00

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

1.055.499,00

997.336,00

446.555,00

184.856,00

562.301,00

A.14. Corporation Tax:

266.377,00

274.217,00

108.478,00

53.907,00

168.690,00

A.15. Miscellaneous taxes:

0,00

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

789.122,00

723.119,00

338.077,00

130.949,00

393.611,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

21.885.172,00

18.284.475,00

13.151.617,00

9.190.007,00

9.336.766,00

B.1. Operating income:

21.713.009,00

17.994.628,00

12.923.322,00

9.183.023,00

9.265.494,00

a) Net total sales:

21.650.123,00

17.927.394,00

12.862.601,00

9.140.191,00

9.265.494,00

b) Miscellaneous operating income:

62.886,00

67.234,00

60.721,00

42.832,00

0,00

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

0,00

B.2. Financial income:

172.163,00

85.581,00

84.072,00

6.984,00

9.476,00

a) Companies of the group:

172.163,00

85.581,00

84.072,00

6.984,00

9.476,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

204.266,00

144.223,00

0,00

61.166,00

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

62.699,00

0,00

210.285,00

0,00

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:

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

630,00

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):

8.500,00

0,00

6.000,00

706,00

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~'

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

1.055.499,00

997.336,00

446.555,00

184.856,00

562.301,00

2. Results adjustments.: 61200

27.613,00

237.767,00

-131.191,00

-40.404,00

-44.996,00

a) Fixed Assets Amortization (+).: 61201

6.245,00

3.123,00

1.304,00

252,00

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

0,00

90.454,00

0,00

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

0,00

110.024,00

0,00

g) Financial income (-).: 61207

-172.163,00

-85.581,00

-84.072,00

-6.984,00

-9.476,00

h) Financial Expenses (+). : 61208

55.236,00

5.935,00

3.526,00

5.786,00

25.394,00

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

138.295,00

204.266,00

-144.223,00

-40.510,00

-61.166,00

3. Changes in current capital equity.: 61300

-1.091.818,00

-975.112,00

-888.407,00

1.511.487,00

-890.562,00

a) Stock (+/-).: 61301

156.757,00

-163.204,00

-107.274,00

-61.041,00

72.954,00

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

-1.461.936,00

-1.993.737,00

-2.254.694,00

1.543.180,00

-1.194.555,00

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

213.360,00

1.181.829,00

1.473.561,00

-170.394,00

899.842,00

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

0,00

199.742,00

-668.803,00

4. Other cash flows for operating activities.: 61400

-132.591,00

-61.597,00

-54.772,00

-125.143,00

-136.924,00

a) Interest payments (-). : 61401

-55.236,00

-5.935,00

-3.526,00

-5.786,00

-68.702,00

b) Dividend payment collection (+). : 61402

0,00

80.000,00

0,00

c) Interest collection (+). : 61403

172.163,00

85.581,00

4.072,00

6.984,00

0,00

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

-249.518,00

-141.243,00

-135.318,00

-126.341,00

-68.222,00

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

-141.298,00

198.394,00

-627.815,00

1.530.796,00

-510.181,00

6. Payments for investment (-).: 62100

-608.050,00

-49.027,00

0,00

-227.701,00

-694,00

a) Companies of the group and affiliates. : 62101

-546.724,00

0,00

-176.184,00

0,00

c) Fixed assets. : 62103

0,00

-19.517,00

-694,00

e) Other financial assets. : 62105

-61.326,00

-49.027,00

0,00

-32.000,00

0,00

7. Divestment payment collection (+). : 62200

57.165,00

14.232,00

20.000,00

0,00

e) Other financial assets. : 62205

57.165,00

14.232,00

20.000,00

0,00

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

-557.130,00

-37.918,00

16.877,00

-229.005,00

-946,00

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

0,00

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

0,00

1.192.573,00

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

1.324.151,00

-522.018,00

704.751,00

-459.361,00

408.263,00

a) Issuance : 63201

1.324.151,00

0,00

704.751,00

5.150,00

408.263,00

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

249.967,00

0,00

22.176,00

0,00

408.263,00

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

1.074.184,00

0,00

682.575,00

5.150,00

0,00

b) Repayment and amortization of : 63207

0,00

-522.018,00

0,00

-464.511,00

0,00

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

0,00

-397.542,00

0,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-522.018,00

0,00

-66.969,00

0,00

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

-167.999,00

0,00

-80.000,00

0,00

a) Dividends (-).: 63301

-167.999,00

0,00

-80.000,00

0,00

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

1.156.152,00

-522.018,00

624.751,00

-459.361,00

408.263,00

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

-5.796,00

-18.265,00

12.150,00

14.266,00

0,00

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

458.173,00

-376.684,00

29.086,00

858.000,00

-102.612,00

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

644.023,00

1.020.707,00

991.621,00

133.621,00

236.233,00

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

1.102.196,00

644.023,00

1.020.707,00

991.621,00

133.621,00

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:

0,02 %

0,00 %

-0,02 %

0,00 %

200,72 %

EBITDA over Sales:

5,23 %

5,92 %

4,56 %

6,15 %

14,76 %

-3,75 %

Cash Flow Yield:

0,05 %

0,00 %

-0,05 %

0,00 %

196,72 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

12,49 %

2,32 %

10,96 %

3,29 %

13,88 %

-29,51 %

Total economic profitability:

11,50 %

1,93 %

13,06 %

2,89 %

-11,97 %

-33,26 %

Financial profitability:

23,77 %

-0,49 %

26,80 %

1,99 %

-11,29 %

-124,73 %

Margin:

5,19 %

2,07 %

4,53 %

3,07 %

14,66 %

-32,59 %

Mark-up:

4,90 %

0,32 %

5,54 %

1,33 %

-11,59 %

-75,80 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,17

0,13

0,16

34,49

4,50

Acid Test:

1,46

1,01

1,43

1,03

2,15

-1,82

Working Capital / Investment:

0,32

0,14

0,32

0,18

-0,48

-18,80

Solvency:

1,49

1,54

1,50

1,62

-0,55

-5,27

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,91

1,26

1,85

1,58

3,44

-20,26

Borrowing Composition:

0,00

0,85

0,00

0,95

-10,22

Repayment Ability:

13,83

-9.001,14

-13,22

2.013,96

204,62

-546,94

Warranty:

1,52

1,80

1,54

1,63

-1,17

9,89

Generated resources / Total creditors:

0,13

0,05

0,17

0,06

-24,44

-19,57

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

6,29

1,33

5,60

1,35

12,41

-1,78

Turnover of Collection Rights :

2,81

4,32

2,79

4,05

0,39

6,64

Turnover of Payment Entitlements:

4,49

3,65

3,92

3,60

14,61

1,45

Stock rotation:

117,80

5,57

51,82

4,87

127,31

14,44

Assets turnover:

2,41

1,12

2,42

1,07

-0,68

4,57

Borrowing Cost:

0,87

2,91

0,12

2,78

631,36

4,67

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,02 %

-0,02 %

0,00 %

0,09 %

-1,11 %

EBITDA over Sales:

5,23 %

4,56 %

1,80 %

4,35 %

5,58 %

Cash Flow Yield:

0,05 %

-0,05 %

0,00 %

0,23 %

-2,48 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

12,49 %

10,96 %

4,08 %

12,33 %

Total economic profitability:

11,50 %

13,06 %

7,62 %

5,09 %

14,22 %

Financial profitability:

23,77 %

26,80 %

17,12 %

7,63 %

24,81 %

Margin:

5,19 %

4,53 %

1,76 %

4,31 %

5,57 %

Mark-up:

4,90 %

5,54 %

3,50 %

2,02 %

0,48 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,17

0,13

0,26

0,49

0,05

Acid Test:

1,46

1,43

1,38

1,66

1,50

Working Capital / Investment:

0,32

0,28

0,37

0,31

Solvency:

1,49

1,50

1,42

1,69

1,50

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,91

1,85

1,99

1,18

1,61

Borrowing Composition:

0,00

Repayment Ability:

13,83

-13,22

135,20

2,37

3,38

Warranty:

1,52

1,54

1,50

1,85

1,62

Generated resources / Total creditors:

0,13

0,17

0,09

0,07

0,15

Efficiency

2012

2011

2010

2009

2008

Productivity:

6,29

5,60

2,08

3,66

4,47

Turnover of Collection Rights :

2,81

2,79

2,95

4,29

2,52

Turnover of Payment Entitlements:

4,49

3,92

3,93

5,00

5,02

Stock rotation:

117,80

51,82

75,43

143,96

Assets turnover:

2,41

2,42

2,32

2,86

2,44

Borrowing Cost:

0,87

0,12

0,09

0,29

1,00

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

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.61.42
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

Activity

Historical Social Bodies

Financial Accounts and Balance Sheets

Research Summary

Sources

Unit