MIRA INFORM REPORT

Report No. :	319635
Report Date :	30.04.2015

IDENTIFICATION DETAILS

Name :	METROCONTROL SL

Registered Office :	C/ Uruguay, Parcela 19 Modulo D-7 Pol. Indus.

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	06.03.2002

Legal Form :	Private Company

Line of Business :	Manufacture of other special-purpose machinery n.e.c.

No of Employees :	6

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 :	No Complaints

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 briefly 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 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014. 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 January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

METROCONTROL SL

NIF / Fiscal code:

B73174534

Status:

ACTIVE

Incorporation Date:

06/03/2002

Register Data

Last Publication in BORME:

15/07/2013 [Company Domicile change]

Last Published Account Deposit:

2013

Share Capital:

303.120

Localization:

C/ URUGUAY, PARCELA 19 MODULO D-7 POL. INDUS. - SAN GINÉS - 30169 - MURCIA

Telephone - Fax - Email - Website:

Telephone. 968 882 343 Email. administracion@metrocontrol.es Website. www.metrocontrol.es

Activity:

NACE:

2899 - Manufacture of other special-purpose machinery n.e.c.

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:

ANDRES GINES LOPEZ AZNAR

100 %

Identification

Social Denomination:

METROCONTROL SL

NIF / Fiscal code:

B73174534

Corporate Status:

ACTIVE

Start of activity:

2002

Registered Office:

C/ URUGUAY, PARCELA 19 MODULO D-7 POL. INDUS.

Locality:

SAN GINÉS

Province:

MURCIA

Postal Code:

30169

Telephone:

968 882 343

Website:

www.metrocontrol.es

Email:

administracion@metrocontrol.es

Interviewed Person:

Ms.: Rosa

Activity

NACE:

2899

CNAE Obtaining Source:

2899

Legal Form:

DIMENSIONAL CALIBRATION AND METROLOGY LABORATORY. CONSTRUCTION, MANUFACTURE, VERIFICATION AND TESTING OF ALL KINDS OF AGRICULTURAL, INDUSTRIAL, MARINE AND MECHANICAL MACHINERY AND EQUIPMENT, AND THEIR PARTS AND ACCESSORIES. CONSTRUCTION, MANUFACTURE, VERIFICATION AND TESTING OF INSTRUMENTS.

Additional Information:

MANUFACTURE OF METAL PARTS.

Additional Address:

C/ URUGUAY, PARCELA 19 MODULO D-7 POL. INDUS., 30169 SAN GINÉS, MURCIA, registered office, offices and other premises.

Franchise:

Import / export:

IMPORTA/ EXPORTA

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

The data of employees is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

2002

Appointments/ Re-elections (1) Company Formation (1) Other Concepts/ Events (1)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007)

2010

Accounts deposit (year 2008) Change of Social address (1)

2013

Accounts deposit (year 2010, 2011, 2012) Change of Social address (1) Increase of Capital (1)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

303.120

Paid up capital:

303.120

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

11/04/2002

Company Formation

3.120

09/07/2013

Increase of Capital

300.000

303.120

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

ANDRES GINES LOPEZ AZNAR

11/04/2002

SINGLE ADMINISTRATOR

ANDRES GINES LOPEZ AZNAR

11/04/2002

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

---

18/02/2010

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

---

Scoring Axesor

> Basis for scoring

Positive Factors

Adverse Factors

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

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 20.62of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It presents a efficient productivity. Gross margin shows adequate efficiency of the company in the variable costs associated with production.

Sales profitability. The volume of business generated during the financial year was adjusted to cover the expenses before considering the tax effect.

A significant sales volume reduction is observed, with the Company could losing market share accordingly.

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.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.262 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

Relative Position:

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

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 90.00% of the companies of the sector METROCONTROL SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 1.262%.

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

1 Incidence for a total cost of 0,00 E

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

Proceedings before the Industrial Tribunal

No se han publicado

Incidences Detailed

Incidences with the Tax Agency

BY THE GOVERNMENT TAX AGENCY DE MADRID - Date 18/02/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

1099008227350

Amount of the incidence:

0,00 E

Requested by:

HACIENDA PUBLICA

Published domicile:

(DESCONOCIDA)

References

Suppliers

Name

NIF

Telephone

VALBRUNA

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ANDRES GINES LOPEZ AZNAR

100

Turnover

Total Sales 2013

493.195,67 EUROS

The sales data is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods.

Estimated Balance

ESTIMATED FINANCIAL INFORMATION 2.014 - NON-CURRENT ASSETS.............419.000 Euro/s –CURRENT

ASSETS......................447.000 Euro/s –NET EQUITY.................................402.000 Euro/s -NON-CURRENT

LIABILITIES................285.000 Euro/s –CURRENTLIABILITIES...................179.000 Euro/s -TOTAL ASSETS &

LIABILITIES................866.000 Euro/s –SALES (2.014)...........................................600.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

August 2013

2011

Normales

August 2013

2010

Normales

August 2013

2008

Normales

February 2010

2007

Normales

September 2008

2006

Normales

October 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

November 2004

2002

Normales

October 2003

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

EQUIVALENCIA

Assets

2013

2012

2008

2004

2003

A) NON-CURRENT ASSETS: 11000

344.143,00

343.251,00

264.051,00

168.271,00

142.690,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

344.143,00

343.251,00

250.051,00

138.271,00

142.690,00

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

0,00

14.000,00

30.000,00

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

367.423,00

925.701,00

184.814,00

44.615,00

21.755,00

I. Stocks : 12200

614,00

13.814,00

155.690,00

0,00

II. Trade debtors and others receivable accounts : 12300

-115.756,00

585.130,00

29.124,00

15.265,00

21.755,00

1. Trade debtors / accounts receivable: 12380

-169.002,00

487.089,00

11.530,00

15.265,00

21.755,00

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

0,00

15.265,00

21.755,00

b) Customers for sales and provisions of services : 12382

-169.002,00

487.089,00

11.530,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

53.246,00

98.041,00

17.594,00

0,00

III. Short-term investment in Group companies and associates: 12400

0,00

IV. Short-term financial investments : 12500

103.940,00

50.250,00

0,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

378.624,00

276.508,00

0,00

29.350,00

0,00

TOTAL ASSETS (A + B) : 10000

711.566,00

1.268.953,00

448.865,00

212.886,00

164.445,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2013

2012

2008

2004

2003

A) NET WORTH: 20000

330.880,00

622.781,00

-5.555,00

-6.500,00

-18.896,00

A-1) Shareholders' equity: 21000

330.880,00

622.781,00

-5.555,00

-6.500,00

-18.896,00

I. Capital: 21100

303.120,00

3.120,00

1. Registered capital : 21110

303.120,00

3.120,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.571,00

0,00

-425,00

-567,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

18.090,00

8.255,00

-712,00

-21.450,00

-11.762,00

VI. Other shareholders' contributions: 21600

0,00

300.000,00

0,00

VII. Result of the period: 21700

8.099,00

9.835,00

-7.963,00

12.254,00

-9.688,00

VIII. (Interim dividend): 21800

0,00

A-2) Changes in net worth : 22000

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

233.953,00

257.058,00

117.895,00

0,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

233.953,00

257.058,00

117.895,00

0,00

1. Amounts owed to credit institutions: 31220

233.953,00

257.058,00

117.895,00

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

146.732,00

389.113,00

336.526,00

219.386,00

183.342,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

0,00

69.847,00

334.481,00

219.386,00

183.342,00

1. Amounts owed to credit institutions: 32320

0,00

219.386,00

183.342,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

69.847,00

334.481,00

0,00

III. Short-term amounts owed to group and associated companies: 32400

0,00

IV. Trade creditors and other accounts payable: 32500

146.732,00

319.267,00

2.045,00

0,00

1. Suppliers: 32580

18.166,00

30.666,00

1.275,00

0,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

18.166,00

30.666,00

1.275,00

0,00

2. Other creditors: 32590

128.567,00

288.601,00

770,00

0,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

711.566,00

1.268.953,00

448.865,00

212.886,00

164.445,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2013

2012

2008

2004

2003

1. Net turnover: 40100

493.196,00

1.220.109,00

8.200,00

66.610,00

9.907,00

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

-5.199,00

-144.678,00

103.070,00

0,00

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

0,00

4. Supplies : 40400

-229.960,00

-540.883,00

-74.933,00

-21.305,00

-2.977,00

5. Other operating income: 40500

420,00

0,00

6. Personnel costs: 40600

-117.075,00

-132.075,00

0,00

-4.823,00

0,00

7. Other operating costs: 40700

-107.136,00

-306.839,00

-17.776,00

-11.603,00

-9.418,00

8. Amortisation of fixed assets: 40800

-18.319,00

-75.019,00

-19.862,00

-16.630,00

-7.199,00

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. Other results : 41300

0,00

179,00

-318,00

0,00

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

15.926,00

20.794,00

-1.619,00

12.249,00

-9.688,00

13. Financial income : 41400

1.133,00

0,00

177,00

5,00

0,00

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

0,00

b) Other financial income: 41490

1.133,00

0,00

177,00

5,00

0,00

14. Financial expenditure : 41500

-6.935,00

-8.783,00

-6.527,00

0,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

0,00

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

0,00

6,00

0,00

18. 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 ( 13 + 14 + 15 + 16 + 17 +18 ) : 49200

-5.803,00

-8.783,00

-6.344,00

5,00

0,00

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

10.124,00

12.011,00

-7.963,00

12.254,00

-9.688,00

19. Income taxes : 41900

-2.025,00

-2.176,00

0,00

D) RESULT OF THE PERIOD ( C + 19 ) : 49500

8.099,00

9.835,00

-7.963,00

12.254,00

-9.688,00

> 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 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, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ORIGINAL

ASSETS

2013

2012

2008

2004

2003

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

344.143,00

343.251,00

264.051,00

168.696,00

143.257,00

I. Formation expenses:

0,00

425,00

567,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

344.143,00

343.251,00

250.051,00

138.271,00

142.690,00

IV. Financial investments:

0,00

14.000,00

30.000,00

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

367.423,00

925.701,00

184.814,00

44.615,00

21.755,00

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

0,00

II. Stocks:

614,00

13.814,00

155.690,00

0,00

III. Debtors:

-115.756,00

585.130,00

29.124,00

15.265,00

21.755,00

IV. Short-term investments:

103.940,00

50.250,00

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

378.624,00

276.508,00

0,00

29.350,00

0,00

VII. Prepayments and accrued income:

0,00

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

711.566,00

1.268.953,00

448.865,00

213.311,00

165.012,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2013

2012

2008

2004

2003

A) EQUITY:

330.880,00

622.781,00

-5.555,00

-6.075,00

-18.330,00

I. Subscribed capital:

303.120,00

3.120,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.571,00

0,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.571,00

0,00

V. Profit or loss brought forward:

18.090,00

308.255,00

-712,00

-21.450,00

-11.762,00

VI. Profit or loss for the financial year:

8.099,00

9.835,00

-7.963,00

12.254,00

-9.688,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

233.953,00

257.058,00

117.895,00

0,00

E) SHORT TERM CREDITORS:

146.732,00

389.113,00

336.526,00

219.386,00

183.342,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

711.566,00

1.268.953,00

448.865,00

213.311,00

165.012,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2013

2012

2008

2004

2003

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

486.649,00

1.210.454,00

16.346,00

54.361,00

19.595,00

A.1. Operating consumption:

235.159,00

685.561,00

-28.137,00

21.305,00

2.977,00

A.2. Staff Costs:

117.075,00

132.075,00

0,00

4.823,00

0,00

a) Wages, salaries et al.:

0,00

2.137,00

0,00

b) Social security costs:

117.075,00

132.075,00

0,00

2.686,00

0,00

A.3. Depreciation expense:

18.319,00

75.019,00

19.862,00

16.630,00

7.199,00

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

0,00

A.5. Other operating charges:

107.136,00

306.839,00

17.776,00

11.603,00

9.418,00

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

15.926,00

20.615,00

0,00

12.249,00

0,00

A.6. Financial and similar charges:

6.935,00

8.783,00

6.527,00

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:

6.935,00

8.783,00

6.527,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

0,00

5,00

0,00

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

10.124,00

11.832,00

0,00

12.254,00

0,00

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

318,00

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

179,00

0,00

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

10.124,00

12.011,00

0,00

12.254,00

0,00

A.14. Corporation Tax:

2.025,00

2.176,00

0,00

A.15. Miscellaneous taxes:

0,00

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

8.099,00

9.835,00

0,00

12.254,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2013

2012

2008

2004

2003

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

494.748,00

1.220.289,00

8.383,00

66.615,00

9.907,00

B.1. Operating income:

493.616,00

1.220.109,00

8.200,00

66.610,00

9.907,00

a) Net total sales:

493.196,00

1.220.109,00

8.200,00

66.610,00

9.907,00

b) Miscellaneous operating income:

420,00

0,00

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

0,00

1.301,00

0,00

9.688,00

B.2. Financial income:

1.133,00

0,00

183,00

5,00

0,00

a) Companies of the group:

1.133,00

0,00

177,00

0,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

5,00

0,00

d) Profit on financial investment:

0,00

6,00

0,00

B.3. Exchange gains:

0,00

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

5.803,00

8.783,00

6.344,00

0,00

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

0,00

7.645,00

0,00

9.688,00

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

179,00

0,00

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

0,00

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

0,00

318,00

0,00

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

0,00

7.963,00

0,00

9.688,00

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

0,00

7.963,00

0,00

9.688,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2008

2004

2003

1. Fiscal year result before taxes.: 61100

10.124,00

12.011,00

-7.963,00

12.254,00

-9.688,00

2. Results adjustments.: 61200

24.122,00

83.802,00

26.212,00

16.625,00

7.199,00

a) Fixed Assets Amortization (+).: 61201

18.319,00

75.019,00

19.862,00

16.630,00

7.199,00

g) Financial income (-).: 61207

-1.133,00

0,00

-177,00

-5,00

0,00

h) Financial Expenses (+). : 61208

6.935,00

8.783,00

6.527,00

0,00

3. Changes in current capital equity.: 61300

485.836,00

-332.103,00

-182.769,00

42.535,00

161.586,00

a) Stock (+/-).: 61301

13.199,00

-13.814,00

-155.690,00

0,00

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

700.886,00

-585.130,00

-29.124,00

6.491,00

-21.755,00

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

-53.690,00

-50.250,00

0,00

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

-174.559,00

317.091,00

2.045,00

36.044,00

183.342,00

4. Other cash flows for operating activities.: 61400

-5.803,00

-8.783,00

-6.350,00

5,00

0,00

a) Interest payments (-). : 61401

-6.935,00

-8.783,00

-6.527,00

0,00

c) Interest collection (+). : 61403

1.133,00

0,00

177,00

5,00

0,00

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

514.279,00

-245.073,00

-170.871,00

71.419,00

159.098,00

6. Payments for investment (-).: 62100

-892,00

-343.251,00

-264.051,00

-30.000,00

-143.257,00

a) Companies of the group and affiliates. : 62101

0,00

-30.000,00

0,00

c) Fixed assets. : 62103

-892,00

-343.251,00

-250.051,00

0,00

-142.690,00

e) Other financial assets. : 62105

0,00

-14.000,00

0,00

h) Other assets. : 62108

0,00

-567,00

7. Divestment payment collection (+). : 62200

0,00

4.561,00

0,00

c) Fixed assets. : 62203

0,00

4.419,00

0,00

h) Other assets. : 62208

0,00

142,00

0,00

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

-19.211,00

-418.271,00

-283.913,00

-42.069,00

-150.456,00

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

-300.000,00

612.946,00

2.408,00

0,00

12.808,00

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

0,00

612.946,00

2.408,00

9.688,00

12.808,00

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

-300.000,00

0,00

-9.688,00

0,00

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

-92.951,00

326.904,00

452.376,00

0,00

a) Issuance : 63201

0,00

326.904,00

452.376,00

0,00

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

0,00

257.058,00

117.895,00

0,00

5. Other debts (+). : 63206

0,00

69.847,00

334.481,00

0,00

b) Repayment and amortization of : 63207

-92.951,00

0,00

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

-23.105,00

0,00

5. Other debts (-). : 63212

-69.847,00

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

-392.951,00

939.851,00

454.783,00

0,00

12.808,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

102.117,00

276.508,00

0,00

29.350,00

21.450,00

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

276.508,00

0,00

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

378.624,00

276.508,00

0,00

29.350,00

0,00

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:

0,21 %

0,01 %

0,23 %

0,00 %

-8,64 %

EBITDA over Sales:

6,94 %

4,39 %

7,84 %

2,62 %

-11,41 %

67,31 %

Cash Flow Yield:

0,14 %

0,00 %

0,22 %

0,00 %

-34,14 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

2,62 %

1,65 %

1,69 %

0,95 %

54,95 %

72,81 %

Total economic profitability:

2,40 %

1,50 %

1,64 %

1,35 %

46,30 %

10,79 %

Financial profitability:

2,45 %

0,05 %

1,58 %

-0,34 %

55,00 %

115,94 %

Margin:

3,23 %

1,71 %

1,69 %

1,06 %

90,96 %

60,84 %

Mark-up:

2,05 %

0,24 %

0,97 %

-0,22 %

111,50 %

204,93 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

2,58

0,26

0,71

0,23

263,12

10,76

Acid Test:

2,50

1,10

2,34

1,07

6,67

2,47

Working Capital / Investment:

0,31

0,21

0,42

0,21

-26,65

-3,82

Solvency:

2,50

1,76

2,38

1,79

5,26

-2,16

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,15

1,03

1,04

1,08

10,89

-4,41

Borrowing Composition:

1,59

0,73

0,66

0,80

141,35

-8,29

Repayment Ability:

3,73

103,97

2,34

-1.451,83

59,53

107,16

Warranty:

1,87

1,98

1,96

1,93

-4,82

2,20

Generated resources / Total creditors:

0,07

0,06

0,13

0,04

-47,15

25,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,29

1,20

1,72

1,11

-25,03

8,39

Turnover of Collection Rights :

-4,26

4,36

2,09

4,25

-304,50

2,73

Turnover of Payment Entitlements:

2,26

2,92

2,20

2,76

2,72

6,00

Stock rotation:

777,73

4,21

86,83

3,66

795,65

14,90

Assets turnover:

0,81

0,96

1,00

0,90

-18,86

7,44

Borrowing Cost:

1,82

2,14

1,36

2,43

34,03

-11,83

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2008, 2004, 2003)

Cash Flow

2013

2012

2008

2004

2003

Cash Flow over Sales:

0,21 %

0,23 %

0,00 %

0,44 %

0,00 %

EBITDA over Sales:

6,94 %

7,84 %

226,35 %

43,36 %

-25,12 %

Cash Flow Yield:

0,14 %

0,22 %

0,00 %

0,14 %

0,00 %

Profitability

2013

2012

2008

2004

2003

Operating economic profitability:

2,62 %

1,69 %

-0,30 %

6,68 %

-5,87 %

Total economic profitability:

2,40 %

1,64 %

-0,32 %

5,74 %

-5,87 %

Financial profitability:

2,45 %

1,58 %

-143,34 %

-201,71 %

-52,85 %

Margin:

3,23 %

1,69 %

-15,87 %

18,39 %

-97,79 %

Mark-up:

2,05 %

0,97 %

-93,23 %

18,40 %

-97,79 %

Solvency

2013

2012

2008

2004

2003

Liquidity:

2,58

0,71

0,00

0,13

0,00

Acid Test:

2,50

2,34

0,09

0,20

0,12

Working Capital / Investment:

0,31

0,42

-0,34

-0,82

-0,98

Solvency:

2,50

2,38

0,55

0,20

0,12

Indebtedness

2013

2012

2008

2004

2003

Indebtedness level:

1,15

1,04

-81,80

-36,11

-10,00

Borrowing Composition:

1,59

0,66

0,35

0,00

Repayment Ability:

3,73

2,34

-1.622.930,11

7,47

Warranty:

1,87

1,96

0,99

0,97

0,90

Generated resources / Total creditors:

0,07

0,13

0,03

0,13

-0,01

Efficiency

2013

2012

2008

2004

2003

Productivity:

1,29

1,72

6,99

Turnover of Collection Rights :

-4,26

2,09

0,28

4,36

0,46

Turnover of Payment Entitlements:

2,26

2,20

95,74

0,15

0,07

Stock rotation:

777,73

86,83

0,06

Assets turnover:

0,81

1,00

0,02

0,36

0,06

Borrowing Cost:

1,82

1,36

1,44

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.20
UK Pound	1	Rs. 97.00
Euro	1	Rs. 69.33

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	DPT

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

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Scoring Axesor

Probability of default

LEGAL CLAIMS

References

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Unit