MIRA INFORM REPORT

Report Date :

01.01.2015

IDENTIFICATION DETAILS

Name :	LERIDA UNION QUIMICA SA

Registered Office :	C/ Afueras S/N Sudanell Lleida 25173

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	03.09.1963

Legal Form :	Public Company

Line of Business :	Manufacture of fertilisers and nitrogen compounds

No. of Employee :	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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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:

LERIDA UNION QUIMICA SA

NIF / Fiscal code:

A25005901

Trade Name

"LUQSA"

Status:

ACTIVE

Incorporation Date:

03/09/1963

Register Data

Last Publication in BORME:

01/09/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

61.303,23

Localization:

C/ AFUERAS S/N - SUDANELL - 25173 - LLEIDA

Telephone - Fax - Email - Website:

Ph.:. 973 258 256 Website. www.luqsa.com

Activity:

NACE:

2015 - Manufacture of fertilisers and nitrogen compounds

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)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

JAIME PIÑOL NOVELL
JOSE MARIA CALDERO GES
MARIO CALCAGNO CIVIL
Shares:	3
Other Links:	1
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees NO

INVESTIGATION SUMMARY

It is a company with more than 50 years old engaged in the manufacture of fertilizers and pesticides. It has a correct financial economic situation. Its comercial evolution is positive having incremented benefits in the last year by 131%.

Enquiry Details

Identification

Social Denomination:

LERIDA UNION QUIMICA SA

Trade Name:

"LUQSA"

NIF / Fiscal code:

A25005901

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

C/ AFUERAS S/N

Locality:

SUDANELL

Province:

LLEIDA

Postal Code:

25173

Telephone:

973 258 256

Fax:

973 258 019

Website:

www.luqsa.com

Activity

NACE:

2015

Additional Information:

It is dedicated to the manufacture of fertilizers and pesticides. Its extensive experience of over 50 years old allows you to have a complete range of fertilizers able to meet the nutritional demands of most crops in their various stages of development. I t also has a range of pesticides (insecticides, fungicides, herbicides, growth regulators, fitofortificantes) that can help you to maintain healthy crops.

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1994

Accounts deposit (ejer. 1993)

1996

Accounts deposit (ejer. 1994, 1995)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

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

2002

Accounts deposit (ejer. 2001) Take-over Merger (5)

2003

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

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2005

Accounts deposit (ejer. 2004)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008) Statutory Modifications (1)

2010

Accounts deposit (ejer. 2009)

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

Breakdown of Owners' Equity

Registered Capital:

61.303,23

Paid up capital:

61.303,23

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

19/02/1993

Increase of Capital

43.273

61.303

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

PIÑOL FARRE JAIME

14/04/2014

MEMBER OF THE BOARD

CALCAGNO NIETO MARIA ALEJANDRA

14/04/2014

BARRAU LLENA JESUS

14/04/2014

PIÑOL FARRE JAIME

14/04/2014

CALDERO LINNHOFF GABRIELA

14/04/2014

COMBINED PROXY

CALDERO LINNHOFF GABRIELA

25/08/2014

MURILLO BARRIERAS ANDRES

25/08/2014

PIÑOL FARRE JAIME

25/08/2014

BARRAU LLENA JESUS

25/08/2014

JOINT ATTORNEY

BARRAU LLENA JESUS

25/08/2014

PIÑOL FARRE JAIME

25/08/2014

CALDERO LINNHOFF GABRIELA

25/08/2014

NON CONSELLOR SECRETARY

MURILLO BARRIERAS ANDRES

14/04/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BARRAU LLENA JESUS

JOINT ATTORNEY

25/08/2014

COMBINED PROXY

25/08/2014

CALCAGNO CIVIL MARIO

MEMBER OF THE BOARD

02/02/2006

MEMBER OF THE BOARD

24/04/2012

MEMBER OF THE BOARD

14/04/2014

JOINT ATTORNEY

24/04/2012

COMBINED PROXY

24/04/2012

CALCAGNO NIETO MARIO

MEMBER OF THE BOARD

02/02/2006

SECRETARY

02/02/2006

CALDERO GES JOSE MARIA

MEMBER OF THE BOARD

01/09/1997

MEMBER OF THE BOARD

21/06/2001

MEMBER OF THE BOARD

02/02/2006

GENERAL MANAGER

19/02/1993

PRESIDENT

01/09/1997

CHIEF EXECUTIVE OFFICER

01/09/1997

CHIEF EXECUTIVE OFFICER

21/06/2001

PRESIDENT

21/06/2001

COMBINED PROXY

25/08/2004

JOINT ATTORNEY

25/08/2004

JOINT ATTORNEY

02/02/2006

COMBINED PROXY

02/02/2006

PRESIDENT

02/02/2006

PRESIDENT

24/04/2012

COMBINED PROXY

24/04/2012

JOINT ATTORNEY

24/04/2012

MEMBER OF THE BOARD

24/04/2012

MEMBER OF THE BOARD

14/04/2014

PRESIDENT

14/04/2014

FOLA VALLES JOSE MARIA

SECRETARY

01/09/1997

MEMBER OF THE BOARD

01/09/1997

CHIEF EXECUTIVE OFFICER

01/09/1997

CHIEF EXECUTIVE OFFICER

21/06/2001

MEMBER OF THE BOARD

21/06/2001

GENERAL MANAGER

19/02/1993

SECRETARY

21/06/2001

LINNHOFF UHL DOROTHEA

MEMBER OF THE BOARD

02/02/2006

JOINT ATTORNEY

25/08/2014

COMBINED PROXY

25/08/2014

MURRULL MOLINERO ANGEL

COMBINED PROXY

02/02/2006

PROXY

23/01/2003

PROXY

12/06/2004

COMBINED PROXY

12/06/2004

COMBINED PROXY

25/08/2004

JOINT ATTORNEY

25/08/2004

JOINT ATTORNEY

02/02/2006

PINOL FARRE JAIME

PROXY

21/06/2001

JOINT ATTORNEY

25/08/2004

COMBINED PROXY

25/08/2004

PIÑOL FARRE JAIME

MEMBER OF THE BOARD

02/02/2006

JOINT ATTORNEY

02/02/2006

COMBINED PROXY

02/02/2006

PROXY

23/01/2003

PROXY

12/06/2004

COMBINED PROXY

12/06/2004

COMBINED PROXY

24/04/2012

NON CONSELLOR SECRETARY

24/04/2012

JOINT ATTORNEY

24/04/2012

JOINT ATTORNEY

25/08/2014

COMBINED PROXY

25/08/2014

NON CONSELLOR SECRETARY

14/04/2014

PIÑOL NOVELL JAIME

CHIEF EXECUTIVE OFFICER

01/09/1997

MEMBER OF THE BOARD

01/09/1997

MEMBER OF THE BOARD

21/06/2001

CHIEF EXECUTIVE OFFICER

21/06/2001

GENERAL MANAGER

19/02/1993

MEMBER OF THE BOARD

14/04/2014

MEMBER OF THE BOARD

02/02/2006

MEMBER OF THE BOARD

24/04/2012

TORRELLES ARNEDO JUAN

PROXY

21/06/2001

PROXY

12/06/2004

PROXY

02/02/2006

TORRELLES ARNEDO JUAN ANTONIO

COMBINED PROXY

12/06/2004

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

RAFAEL MARSA

MANAGING DIRECTOR

JAIME PIÑOL FARRE

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

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.

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 41.11of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

LERIDA UNION QUIMICA SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

In the past year the company has suffered terminations or resignations of corporate bodies . Instability in the management and administration of the company may affect the operational structure of the company disfavoring the long-term growth.

Among the companies with similar characteristics, LERIDA UNION QUIMICA 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.

TREND OF SCORING

> Latest Scoring Changes :

Scoring

Evolution

Date

Event

Neutral

20/10/14

Modifications to the corporate group or to its relations with third party companies.

Positive

07/08/14

Updating of financial statements.

Positive

28/04/14

Updating of relevant commercial information.

Neutral

06/03/14

Scoring revision by one of Axesor's expert analysts.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.573 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

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 96.00% of the companies of the sector LERIDA UNION QUIMICA 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 0.573%.

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

References

Link List

ABSORBS TO:

1 Entities

PARTICIPATES IN:

3 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JAIME PIÑOL NOVELL

JOSE MARIA CALDERO GES

MARIO CALCAGNO CIVIL

PARTICIPATES IN

MODORGA 2013 SL

LLEIDA

100

DANELCHEM SL

LLEIDA

100

BACALPIN SL

LLEIDA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

ABSORBS TO

COMPAÑIA INDUSTRIAL DE FITOSANITARIOS SA

LLEIDA

Turnover

Total Sales 2013

6.042.195,70

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

May 2012

2009

Normales

September 2010

2008

Normales

July 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

September 2006

2004

Normales

July 2005

2003

Normales

July 2004

2002

Normales

July 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

July 2000

1998

Normales

September 1999

1997

Normales

October 1998

1996

Normales

October 1997

1995

Normales

August 1996

1994

Normales

October 1995

1993

Normales

September 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

August 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 Pyme 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 using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

850.024,00

527.965,00

498.488,00

537.384,00

656.214,00

I. Intangible fixed assets : 11100

629,00

295,00

0,00

II. Tangible fixed assets : 11200

730.010,00

384.472,00

376.261,00

432.242,00

567.222,00

III. Real estate investment: 11300

0,00

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

74.091,00

54.091,00

V. Long-term financial investments: 11500

120,00

0,00

VI. Assets for deferred tax : 11600

45.174,00

68.987,00

68.136,00

51.051,00

34.900,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.569.604,00

1.962.046,00

1.746.862,00

1.712.945,00

1.901.803,00

I. Stocks : 12200

1.312.046,00

1.009.816,00

912.794,00

800.833,00

946.935,00

II. Trade debtors and others receivable accounts : 12300

1.245.460,00

952.230,00

694.499,00

911.650,00

955.151,00

1. Trade debtors / accounts receivable: 12380

1.131.409,00

905.279,00

656.956,00

908.172,00

940.584,00

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

0,00

656.956,00

908.172,00

940.584,00

b) Customers for sales and provisions of services : 12382

1.131.409,00

905.279,00

0,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

114.051,00

46.952,00

37.543,00

3.478,00

14.567,00

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

0,00

IV. Short-term financial investments : 12500

0,00

V. Short-term accruals : 12600

11.800,00

0,00

-811,00

VI. Cash and other equivalent liquid assets : 12700

298,00

0,00

139.569,00

462,00

528,00

TOTAL ASSETS (A + B) : 10000

3.419.628,00

2.490.011,00

2.245.350,00

2.250.329,00

2.558.016,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.981.219,00

1.619.590,00

1.463.618,00

1.427.315,00

1.229.368,00

A-1) Shareholders' equity: 21000

1.981.219,00

1.619.590,00

1.463.618,00

1.427.315,00

1.229.368,00

I. Capital: 21100

61.303,00

1. Registered capital : 21110

61.303,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.558.287,00

1.402.315,00

1.306.012,00

1.108.065,00

1.001.473,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

361.630,00

155.971,00

96.303,00

257.947,00

166.592,00

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

32.731,00

53.481,00

147.276,00

190.324,00

238.752,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

120,00

15.870,00

97.276,00

140.324,00

187.327,00

1. Amounts owed to credit institutions: 31220

0,00

15.750,00

97.276,00

140.324,00

187.327,00

2. Creditors from financial leasing : 31230

0,00

3. Other long-term creditors : 31290

120,00

0,00

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

32.611,00

37.611,00

50.000,00

IV. Liabilities for deferred tax: 31400

0,00

1.425,00

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

1.405.678,00

816.941,00

634.456,00

632.690,00

1.089.896,00

I. Short-term provisions: 32200

0,00

II. Short-term creditors : 32300

408.208,00

148.216,00

0,00

7.664,00

438.886,00

1. Amounts owed to credit institutions: 32320

408.208,00

147.583,00

0,00

7.664,00

438.886,00

2. Creditors from financial leasing : 32330

0,00

3. Other short-term creditors : 32390

0,00

633,00

0,00

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

2.295,00

0,00

IV. Trade creditors and other accounts payable: 32500

995.176,00

668.725,00

634.456,00

625.026,00

651.010,00

1. Suppliers: 32580

735.361,00

514.043,00

484.031,00

499.919,00

511.259,00

a) Long-term debts : 32581

0,00

484.031,00

499.919,00

511.259,00

b) Short-term debts : 32582

735.361,00

514.043,00

0,00

2. Other creditors: 32590

259.815,00

154.682,00

150.425,00

125.107,00

139.751,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

3.419.628,00

2.490.011,00

2.245.350,00

2.250.329,00

2.558.016,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

6.042.196,00

4.760.503,00

4.643.426,00

4.433.174,00

5.476.542,00

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

252.610,00

42.779,00

138.227,00

0,00

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

0,00

4. Supplies : 40400

-4.132.690,00

-3.111.219,00

-3.051.613,00

-2.654.467,00

-3.706.319,00

5. Other operating income: 40500

754,00

3.644,00

0,00

6. Personnel costs: 40600

-918.250,00

-840.391,00

-843.488,00

-828.567,00

-854.788,00

7. Other operating costs: 40700

-727.169,00

-598.964,00

-693.355,00

-545.715,00

-580.266,00

8. Amortisation of fixed assets: 40800

-83.074,00

-82.375,00

-96.539,00

-102.684,00

-120.062,00

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

5.872,00

3.848,00

-372,00

-47.805,00

1.541,00

12. Other results : 41300

89,00

2.974,00

96,00

31.729,00

8.797,00

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

440.337,00

180.800,00

96.381,00

285.666,00

225.445,00

13. Financial income : 41400

40,00

193,00

2,00

19,00

15,00

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

0,00

b) Other financial income: 41490

40,00

193,00

2,00

19,00

15,00

14. Financial expenditure : 41500

-18.120,00

-8.636,00

-9.663,00

-13.596,00

-34.615,00

15. Changes in fair value of financial instruments : 41600

0,00

16. Exchange rate differences: 41700

1.585,00

0,00

1.299,00

0,00

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

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

-16.496,00

-8.443,00

-8.361,00

-13.576,00

-34.600,00

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

423.841,00

172.357,00

88.020,00

272.089,00

190.845,00

19. Income taxes : 41900

-62.212,00

-16.386,00

8.283,00

-14.143,00

-24.253,00

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

361.630,00

155.971,00

96.303,00

257.947,00

166.592,00

> 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 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:

804.850,00

458.978,00

430.352,00

486.333,00

621.314,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

629,00

295,00

0,00

III. Tangible fixed assets:

730.010,00

384.472,00

376.261,00

432.242,00

567.222,00

IV. Financial investments:

74.211,00

54.091,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.614.778,00

2.031.033,00

1.814.998,00

1.763.996,00

1.936.703,00

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

0,00

II. Stocks:

1.312.046,00

1.009.816,00

912.794,00

800.833,00

946.935,00

III. Debtors:

1.290.634,00

1.021.217,00

762.635,00

962.701,00

990.051,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

298,00

0,00

139.569,00

462,00

528,00

VII. Prepayments and accrued income:

11.800,00

0,00

-811,00

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

3.419.628,00

2.490.011,00

2.245.350,00

2.250.329,00

2.558.016,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.981.219,00

1.619.590,00

1.463.618,00

1.427.315,00

1.229.368,00

I. Subscribed capital:

61.303,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.558.287,00

1.402.315,00

1.306.012,00

1.108.065,00

1.001.473,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.558.287,00

1.402.315,00

1.306.012,00

1.108.065,00

1.001.473,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

361.630,00

155.971,00

96.303,00

257.947,00

166.592,00

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:

32.731,00

53.481,00

147.276,00

190.324,00

238.752,00

E) SHORT TERM CREDITORS:

1.405.678,00

816.941,00

634.456,00

632.690,00

1.089.896,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

3.419.628,00

2.490.011,00

2.245.350,00

2.250.329,00

2.558.016,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

5.688.905,00

4.615.191,00

4.548.521,00

4.206.976,00

5.320.302,00

A.1. Operating consumption:

3.880.080,00

3.068.440,00

2.913.386,00

2.654.467,00

3.706.319,00

A.2. Staff Costs:

918.250,00

840.391,00

843.488,00

828.567,00

854.788,00

a) Wages, salaries et al.:

714.930,00

654.310,00

656.721,00

645.104,00

665.519,00

b) Social security costs:

203.321,00

186.081,00

186.767,00

183.463,00

189.269,00

A.3. Depreciation expense:

83.074,00

82.375,00

96.539,00

102.684,00

120.062,00

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

0,00

A.5. Other operating charges:

727.169,00

598.964,00

693.355,00

545.715,00

580.266,00

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

434.376,00

173.978,00

96.657,00

301.742,00

215.108,00

A.6. Financial and similar charges:

18.120,00

8.636,00

9.663,00

13.596,00

34.615,00

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:

18.120,00

8.636,00

9.663,00

13.596,00

34.615,00

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

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

417.880,00

165.535,00

88.296,00

288.165,00

180.508,00

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

372,00

47.805,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

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

5.961,00

6.822,00

0,00

10.338,00

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

423.841,00

172.357,00

88.020,00

272.089,00

190.845,00

A.14. Corporation Tax:

62.212,00

16.386,00

-8.283,00

14.143,00

24.253,00

A.15. Miscellaneous taxes:

0,00

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

361.630,00

155.971,00

96.303,00

257.947,00

166.592,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

6.050.535,00

4.771.162,00

4.644.823,00

4.464.923,00

5.486.894,00

B.1. Operating income:

6.042.949,00

4.764.147,00

4.643.426,00

4.433.174,00

5.476.542,00

a) Net total sales:

6.042.196,00

4.760.503,00

4.643.426,00

4.433.174,00

5.476.542,00

b) Miscellaneous operating income:

754,00

3.644,00

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:

40,00

193,00

2,00

19,00

15,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

40,00

193,00

2,00

19,00

15,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

1.585,00

0,00

1.299,00

0,00

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

16.496,00

8.443,00

8.361,00

13.576,00

34.600,00

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:

5.872,00

3.848,00

0,00

1.541,00

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:

89,00

2.974,00

96,00

31.729,00

8.797,00

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

276,00

16.076,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

423.841,00

172.357,00

88.020,00

272.089,00

190.845,00

2. Results adjustments.: 61200

101.155,00

90.818,00

106.200,00

116.260,00

154.662,00

a) Fixed Assets Amortization (+).: 61201

83.074,00

82.375,00

96.539,00

102.684,00

120.062,00

g) Financial income (-).: 61207

-40,00

-193,00

-2,00

-19,00

-15,00

h) Financial Expenses (+). : 61208

18.120,00

8.636,00

9.663,00

13.596,00

34.615,00

3. Changes in current capital equity.: 61300

-343.022,00

-336.870,00

122.904,00

148.664,00

116.171,00

a) Stock (+/-).: 61301

-302.230,00

-97.022,00

-111.961,00

146.102,00

41.806,00

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

-293.230,00

-257.732,00

217.152,00

43.501,00

33.477,00

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

-11.800,00

0,00

-811,00

-12.411,00

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

264.239,00

17.883,00

17.713,00

-40.127,00

53.299,00

4. Other cash flows for operating activities.: 61400

-18.080,00

-8.443,00

-9.661,00

-13.576,00

-34.600,00

a) Interest payments (-). : 61401

-18.120,00

-8.636,00

-9.663,00

-13.596,00

-34.615,00

c) Interest collection (+). : 61403

40,00

193,00

2,00

19,00

15,00

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

163.894,00

-82.138,00

307.463,00

523.438,00

427.078,00

6. Payments for investment (-).: 62100

-345.872,00

-29.477,00

-17.085,00

-16.151,00

-10.776,00

a) Companies of the group and affiliates. : 62101

0,00

-20.000,00

0,00

b) Intangible fixed assets. : 62102

-334,00

-295,00

0,00

c) Fixed assets. : 62103

-345.538,00

-8.211,00

0,00

-10.776,00

e) Other financial assets. : 62105

0,00

-120,00

0,00

h) Other assets. : 62108

0,00

-851,00

-17.085,00

-16.151,00

0,00

7. Divestment payment collection (+). : 62200

23.813,00

0,00

55.981,00

134.981,00

1.867,00

c) Fixed assets. : 62203

0,00

55.981,00

134.981,00

0,00

h) Other assets. : 62208

23.813,00

0,00

1.867,00

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

-405.133,00

-111.851,00

-57.644,00

16.146,00

-128.972,00

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

0,00

-60.000,00

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

0,00

-60.000,00

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

241.537,00

54.421,00

-50.712,00

-479.650,00

-238.272,00

a) Issuance : 63201

262.920,00

148.336,00

0,00

80.803,00

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

260.625,00

147.583,00

0,00

80.803,00

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

2.295,00

0,00

5. Other debts (+). : 63206

0,00

753,00

0,00

b) Repayment and amortization of : 63207

-21.383,00

-93.915,00

-50.712,00

-479.650,00

-319.075,00

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

-15.750,00

-81.526,00

-50.712,00

-478.225,00

-312.248,00

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

-5.000,00

-12.389,00

0,00

5. Other debts (-). : 63212

-633,00

0,00

-1.425,00

-6.827,00

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

0,00

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

241.537,00

54.421,00

-110.712,00

-539.650,00

-298.272,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

298,00

-139.569,00

139.108,00

-67,00

-165,00

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

0,00

139.569,00

462,00

528,00

694,00

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

298,00

0,00

139.569,00

462,00

528,00

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:

0,00 %

0,01 %

-0,03 %

0,00 %

100,17 %

EBITDA over Sales:

8,56 %

4,39 %

5,39 %

2,62 %

59,03 %

67,31 %

Cash Flow Yield:

0,00 %

-0,06 %

0,00 %

100,16 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

13,16 %

1,65 %

7,36 %

0,95 %

78,78 %

72,81 %

Total economic profitability:

12,92 %

1,50 %

7,27 %

1,35 %

77,81 %

10,79 %

Financial profitability:

18,25 %

0,05 %

9,63 %

-0,34 %

89,54 %

115,94 %

Margin:

7,29 %

1,71 %

3,73 %

1,06 %

95,18 %

60,84 %

Mark-up:

7,01 %

0,24 %

3,56 %

-0,22 %

97,23 %

204,93 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,26

0,00

0,23

10,76

Acid Test:

0,89

1,10

1,17

1,07

-23,97

2,47

Working Capital / Investment:

0,34

0,21

0,46

0,21

-25,99

-3,82

Solvency:

1,86

1,76

2,49

1,79

-25,18

-2,16

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,73

1,03

0,54

1,08

35,09

-4,41

Borrowing Composition:

0,02

0,73

0,07

0,80

-64,43

-8,29

Repayment Ability:

4.834,83

103,97

-6,24

-1.451,83

77.624,80

107,16

Warranty:

2,38

1,98

2,86

1,93

-16,90

2,20

Generated resources / Total creditors:

0,31

0,06

0,27

0,04

12,90

25,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,56

1,20

1,31

1,11

19,81

8,39

Turnover of Collection Rights :

4,85

4,36

5,00

4,25

-3,02

2,73

Turnover of Payment Entitlements:

5,14

2,92

5,61

2,76

-8,46

6,00

Stock rotation:

4,27

4,21

4,55

3,66

-5,96

14,90

Assets turnover:

1,81

0,96

1,97

0,90

-8,40

7,44

Borrowing Cost:

1,26

2,14

0,99

2,43

26,97

-11,83

> 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:

0,00 %

-0,03 %

0,03 %

0,00 %

EBITDA over Sales:

8,56 %

5,39 %

4,16 %

9,12 %

6,12 %

Cash Flow Yield:

0,00 %

-0,06 %

0,06 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

13,16 %

7,36 %

4,39 %

11,56 %

8,65 %

Total economic profitability:

12,92 %

7,27 %

4,35 %

12,70 %

8,81 %

Financial profitability:

18,25 %

9,63 %

6,58 %

18,07 %

13,55 %

Margin:

7,29 %

3,73 %

2,07 %

5,73 %

3,96 %

Mark-up:

7,01 %

3,56 %

1,89 %

5,42 %

3,32 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,00

0,22

0,00

Acid Test:

0,89

1,17

1,31

1,44

0,88

Working Capital / Investment:

0,34

0,46

0,50

0,48

0,32

Solvency:

1,86

2,49

2,86

2,79

1,78

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,73

0,54

0,53

0,58

1,08

Borrowing Composition:

0,02

0,07

0,23

0,30

0,22

Repayment Ability:

4.834,83

-6,24

5,62

-12.292,95

-8.048,51

Warranty:

2,38

2,86

2,87

2,73

1,93

Generated resources / Total creditors:

0,31

0,27

0,25

0,44

0,22

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,56

1,31

1,23

1,49

1,39

Turnover of Collection Rights :

4,85

5,00

6,69

4,86

5,73

Turnover of Payment Entitlements:

5,14

5,61

6,12

5,12

6,58

Stock rotation:

4,27

4,55

4,98

5,16

5,56

Assets turnover:

1,81

1,97

2,12

2,02

2,19

Borrowing Cost:

1,26

0,99

1,24

1,65

2,61

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.33
UK Pound	1	Rs.98.58
Euro	1	Rs.77.00

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

TREND OF SCORING

Probability of default

LEGAL CLAIMS

References

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit