MIRA INFORM REPORT

Report No. :	327151
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	K Y P ACCESORIES SL

Registered Office :	Calle Madrid 22 Naves 11-12 - Torres De La Alameda - 28813 - Madrid

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	09.11.1992

Legal Form :	Private Company

Line of Business :	Import, export, sale, distribution of materials and computer security systems. design, development and marketing of experts or integrated systems understanding microcomputing, robotics, manufacturing and marketing of spare parts for precision machinery, maintenance and repair as well as their import and export. Manufacturing of machinery for the glass sector

No. of Employee :	39

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 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:

K Y P ACCESORIES SL

NIF / Fiscal code:

B60175650

Status:

ACTIVE

Incorporation Date:

09/11/1992

Register Data

Last Publication in BORME:

20/06/2012 [Increase of Capital]

Last Published Account Deposit:

2013

Share Capital:

60.101,20

Localization:

CALLE MADRID 22 NAVES 11-12 - TORRES DE LA ALAMEDA - 28813 - MADRID

Telephone - Fax - Email - Website:

Telephone. 918 863 090 Email. info@kypaccesorios.com Website. www.kypaccesorios.com

Activity:

NACE:

2829 - Manufacture of other general-purpose machinery

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Scoring and Risk:

Default Risk:

1.526%

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

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:

RAUL PAZ FERNANDEZ
ÑUIS MANUEL SOARES
Shares:	0
Other Links:	0
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources NO, Guarantees NO

INVESTIGATION SUMMARY

It is a firm contitued in 1.992, engaged in the manufacturing and sale of machinery for the glass industry. Its activity is engaged nationally and internationally. Sources consulted do not appear anything against it. In light of the above we believe that he can continue operations relating to risk commensurate with its size.

Interviewed Person:

Identification

Social Denomination:

K Y P ACCESORIES SL

NIF / Fiscal code:

B60175650

Corporate Status:

ACTIVE

Start of activity:

1993

Registered Office:

CALLE MADRID 22 NAVES 11-12

Locality:

TORRES DE LA ALAMEDA

Province:

MADRID

Postal Code:

28813

Telephone:

918 863 090

Fax:

918 868 371

Website:

www.kypaccesorios.com

Email:

info@kypaccesorios.com

Interviewed Person:

Srta.: Esperanza García

Activity

NACE:

2829

Legal Form:

Import, export, sale, distribution of materials and computer security systems. DESIGN, DEVELOPMENT AND MARKETING OF EXPERTS OR INTEGRATED SYSTEMS UNDERSTANDING MICROCOMPUTING, robotics, etc. MANUFACTURING AND MARKETING OF SPARE PARTS FOR precision machinery, maintenance and repair as well as their import and export.

Additional Information:

Manufacturing of machinery for the glass sector.

Additional Address:

The registered office, offices and premises in the head address.

Franchise:

Import / export:

IMPORTS / EXPORTS

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 . Failing that,

are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1) Change of Social address (1) Company Formation (1)

1995

Accounts deposit (year 1994) Change of Social Purpose (1) Change of Social address (1)

1996

Accounts deposit (year 1995) Adaptation to Law (1) Appointments/ Re-elections (1)

1997

Appointments/ Re-elections (1)

1998

Accounts deposit (year 1996, 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1999

Accounts deposit (year 1998)

2000

Change of Social address (1) Increase of Capital (1)

2002

Accounts deposit (year 1999, 2000, 2001) Change of Social address (1)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2005)

2011

Appointments/ Re-elections (1)

2012

Accounts deposit (year 2008, 2009, 2010, 2011) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

60.101,20

Paid up capital:

60.101,20

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

20/01/1993

Company Formation

6.010

10/01/2000

Increase of Capital

18.030

24.040

08/06/2012

Increase of Capital

36.061

60.101

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT ADMINISTRATOR

PAZ FERNANDEZ RAUL

26/03/1998

SOARES LUIS MANUEL

26/03/1998

PROXY

GALLARDO GONZALEZ JOSE

20/01/1997

GALIDIE DIDIER PASCAL JEAN

20/01/1997

ACCOUNTS' AUDITOR / HOLDER

RAMOS SERRANO AGUSTIN

06/05/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GALIDIE DIDIER PASCAL JEAN

JOINT ADMINISTRATOR

14/11/2005

GALLARDO GONZALEZ JOSE

JOINT ADMINISTRATOR

08/06/2012

PAZ FERNANDEZ RAUL

SINGLE ADMINISTRATOR

26/03/1998

ADMINISTRATOR

20/06/1996

Executive board

Post

NIF

Name

ADMINISTRATOR

MANUEL SOARES LUIS

ADMINISTRATOR

RAUL PAZ FERNANDEZ

FINANCIAL DIRECTOR

LAURA BURGOS

MANAGING DIRECTOR

RAUL PAZ FERNANDEZ

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

---

14/10/2014

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 scoring

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 36.84 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

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.

It presents a limited operating margins. Net margin shows positive, although adjusted, company costs management as income exceed operating expenses.

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.

Presents legal proceedings. Debts resulting from non-payment to Public Administrations or from lawsuits filed by individuals before the Courts of the different jurisdictions have been published in the Official Gazettes.

The current debt represents a 55.42% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

No Company's subsidiaries or branches are known.

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

TREND OF SCORING

> Latest Scoring Changes :

Scoring

Evolution

Date

Event

wordml://1950

Neutral

14/11/14

Review of legal claims against the name of the individual in question.

Positive

27/08/14

Updating of financial statements.

Neutral

06/03/14

Scoring revision by one of 's expert analysts.

Neutral

21/08/13

Updating of financial statements.

Legal implications checking for the company.

Probability of default

> Estimated Probability of Default for the next 12 months: 1.526 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

282 Manufacture of other general-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 c

ompany holds a better position with regard to the probability of non-compliance.

The 79.00% of the companies of the sector K Y P ACCESORIES 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 1.526%.

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.

Recommended commercial credit

Favourable until 152.000 € (Guideline value of outstanding commercial balance that recommends be awarded t

o or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

1 Incidence for a total cost of 0,00 E

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

No se han publicado

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE GRANADA - Date 14/10/2014

Last Published Stage:

EXECUTION NOTIFICATION

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. GRANADA Nº211, 2014 PAGINA 12

Guarantees

References

Suppliers

Name

NIF

Telephone

PHESTO NEUMÁTICA

LENCE TRANSMISIONES

Link List

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

RAUL PAZ FERNANDEZ

ÑUIS MANUEL SOARES

Turnover

Total Sales 2013

4.600.747,62

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

Estimated Balance

ESTIMED FIGURES FOR 2.014 -NOT CURRENT ASSETS.......................................................180.000 Euro/s -CURRENT ASSETS..........................................................2.204.000 Euro/s -NET EQUITY...............................................................879.000 Euro/s -NOT CURRENT LIABILITIES.......................................................184.000 Euro/s -CURRENT LIABILITIES..........................................................1.321.000 Euro/s -TOTAL ...............................................2.384.000 Euro/s -SALES (2.014)................................................................4.850.000 Euro/s

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

September 2012

2010

Normales

April 2012

2009

Normales

April 2012

2008

Normales

April 2012

2007

Normales

No publicado en BORME

2005

Normales

November 2006

2004

Normales

September 2005

2003

Normales

October 2004

2002

Normales

October 2003

2001

Normales

December 2002

2000

Normales

September 2002

1999

Normales

September 2002

1998

Normales

October 1999

1997

Normales

October 1998

1996

Normales

March 1998

1995

Normales

October 1996

1994

Normales

November 1995

1992

Normales

November 1993

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, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

171.360,00

65.827,00

30.797,00

26.788,00

41.636,00

I. Intangible fixed assets : 11100

0,00

II. Tangible fixed assets : 11200

163.703,00

59.279,00

25.549,00

15.540,00

30.388,00

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

7.657,00

6.548,00

5.248,00

11.248,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.090.236,00

2.158.806,00

1.401.859,00

1.680.875,00

1.248.858,00

I. Stocks : 12200

821.959,00

747.868,00

599.046,00

866.442,00

419.785,00

II. Trade debtors and others receivable accounts : 12300

793.735,00

792.241,00

636.940,00

205.522,00

416.078,00

1. Trade debtors / accounts receivable: 12380

793.735,00

792.241,00

636.940,00

11.080,00

236.569,00

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

0,00

b) Customers for sales and provisions of services : 12382

793.735,00

792.241,00

636.940,00

11.080,00

236.569,00

2. Called up share capital: 12370

0,00

3. Other accounts receivable : 12390

0,00

194.442,00

179.509,00

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

0,00

IV. Short-term financial investments : 12500

126,00

140.126,00

126,00

200.126,00

127.272,00

V. Short-term accruals : 12600

0,00

VI. Cash and other equivalent liquid assets : 12700

474.416,00

478.570,00

165.746,00

408.784,00

285.724,00

TOTAL ASSETS (A + B) : 10000

2.261.596,00

2.224.633,00

1.432.656,00

1.707.663,00

1.290.494,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

833.242,00

719.684,00

635.203,00

531.258,00

489.845,00

A-1) Shareholders' equity: 21000

833.242,00

719.684,00

635.203,00

531.258,00

489.845,00

I. Capital: 21100

60.101,00

24.040,00

1. Registered capital : 21110

60.101,00

24.040,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

3.276,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

656.307,00

571.825,00

503.942,00

462.529,00

382.716,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

113.558,00

84.482,00

67.884,00

41.413,00

79.812,00

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

174.929,00

91.287,00

135.217,00

177.832,00

41.166,00

I. Long-term provisions: 31100

49.845,00

34.620,00

38.550,00

0,00

II. Long-term creditors : 31200

125.085,00

56.667,00

96.667,00

177.832,00

41.166,00

1. Amounts owed to credit institutions: 31220

76.963,00

56.667,00

96.667,00

177.832,00

41.166,00

2. Creditors from financial leasing : 31230

48.122,00

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

1.253.424,00

1.413.662,00

662.236,00

998.572,00

759.483,00

I. Short-term provisions: 32200

85.385,00

0,00

II. Short-term creditors : 32300

137.833,00

1.413.662,00

48.426,00

74.855,00

36.764,00

1. Amounts owed to credit institutions: 32320

64.878,00

40.000,00

48.426,00

40.000,00

31.248,00

2. Creditors from financial leasing : 32330

19.527,00

0,00

3. Other short-term creditors : 32390

53.428,00

1.373.662,00

0,00

34.855,00

5.516,00

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

0,00

IV. Trade creditors and other accounts payable: 32500

1.030.206,00

0,00

613.810,00

923.717,00

722.719,00

1. Suppliers: 32580

542.595,00

0,00

613.810,00

390.845,00

351.330,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

542.595,00

0,00

613.810,00

390.845,00

351.330,00

2. Other creditors: 32590

487.611,00

0,00

532.871,00

371.390,00

V. Short-term accruals : 32600

0,00

VI. Special short-term debts : 32700

0,00

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

2.261.596,00

2.224.633,00

1.432.656,00

1.707.663,00

1.290.494,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

4.600.748,00

3.987.279,00

3.175.022,00

2.945.663,00

1.734.173,00

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

74.091,00

0,00

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

0,00

4. Supplies : 40400

-2.702.866,00

-2.359.339,00

-1.910.193,00

-1.762.148,00

-931.371,00

5. Other operating income: 40500

113.661,00

70.965,00

75.908,00

64.775,00

24.109,00

6. Personnel costs: 40600

-1.405.465,00

-1.194.285,00

-955.733,00

-862.369,00

-503.381,00

7. Other operating costs: 40700

-568.889,00

-397.526,00

-258.616,00

-320.623,00

-192.822,00

8. Amortisation of fixed assets: 40800

-33.177,00

-7.614,00

-9.594,00

-24.106,00

-24.885,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

0,00

10. Excess provisions : 41000

34.620,00

0,00

11. Impairment and result of transfers of fixed assets: 41100

-488,00

0,00

12. Other results : 41300

0,00

985,00

0,00

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

112.233,00

100.465,00

116.794,00

41.192,00

105.823,00

13. Financial income : 41400

2.099,00

485,00

8.603,00

3.426,00

1.569,00

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

0,00

b) Other financial income: 41490

2.099,00

485,00

8.603,00

3.426,00

1.569,00

14. Financial expenditure : 41500

-8.144,00

-4.314,00

-7.455,00

0,00

-3.677,00

15. Changes in fair value of financial instruments : 41600

0,00

-6.790,00

0,00

16. Exchange rate differences: 41700

0,00

3.585,00

-5.973,00

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

0,00

-30.009,00

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

-6.045,00

-3.828,00

-28.861,00

221,00

-8.080,00

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

106.188,00

96.637,00

87.934,00

41.413,00

97.743,00

19. Income taxes : 41900

7.370,00

-12.155,00

-20.050,00

0,00

-17.931,00

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

113.558,00

84.482,00

67.884,00

41.413,00

79.812,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based

on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not

establish relevant equivalence criteria, created such criteria using its own methodology. To view

details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the

TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

171.360,00

65.827,00

30.797,00

26.788,00

41.636,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

III. Tangible fixed assets:

163.703,00

59.279,00

25.549,00

15.540,00

30.388,00

IV. Financial investments:

7.657,00

6.548,00

5.248,00

11.248,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

2.090.236,00

2.158.806,00

1.401.859,00

1.680.875,00

1.248.858,00

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

0,00

II. Stocks:

821.959,00

747.868,00

599.046,00

866.442,00

419.785,00

III. Debtors:

793.735,00

792.241,00

636.940,00

205.522,00

416.078,00

IV. Short-term investments:

126,00

140.126,00

126,00

200.126,00

127.272,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

474.416,00

478.570,00

165.746,00

408.784,00

285.724,00

VII. Prepayments and accrued income:

0,00

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

2.261.596,00

2.224.633,00

1.432.656,00

1.707.663,00

1.290.494,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

833.242,00

719.684,00

635.203,00

531.258,00

489.845,00

I. Subscribed capital:

60.101,00

24.040,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

3.276,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

3.276,00

V. Profit or loss brought forward:

656.307,00

571.825,00

503.942,00

462.529,00

382.716,00

VI. Profit or loss for the financial year:

113.558,00

84.482,00

67.884,00

41.413,00

79.812,00

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:

49.845,00

34.620,00

38.550,00

0,00

D) LONG TERM LIABILITIES:

125.085,00

56.667,00

96.667,00

177.832,00

41.166,00

E) SHORT TERM CREDITORS:

1.168.039,00

1.413.662,00

662.236,00

998.572,00

759.483,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

85.385,00

0,00

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

2.261.596,00

2.224.633,00

1.432.656,00

1.707.663,00

1.290.494,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

4.637.569,00

3.975.232,00

3.191.649,00

2.976.036,00

1.680.039,00

A.1. Operating consumption:

2.628.776,00

2.359.339,00

1.910.193,00

1.762.148,00

931.371,00

A.2. Staff Costs:

1.405.465,00

1.194.285,00

955.733,00

862.369,00

503.381,00

a) Wages, salaries et al.:

0,00

b) Social security costs:

1.405.465,00

1.194.285,00

955.733,00

862.369,00

503.381,00

A.3. Depreciation expense:

33.177,00

7.614,00

9.594,00

24.106,00

24.885,00

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

0,00

A.5. Other operating charges:

568.889,00

397.526,00

258.616,00

320.623,00

192.822,00

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

112.722,00

99.481,00

116.794,00

41.192,00

105.823,00

A.6. Financial and similar charges:

8.144,00

4.314,00

37.464,00

0,00

3.677,00

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:

8.144,00

4.314,00

7.455,00

0,00

3.677,00

d) Losses from financial investments:

0,00

30.009,00

0,00

A.7. Financial investment provision change:

0,00

6.790,00

0,00

A.8. Exchange losses:

0,00

5.973,00

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

0,00

221,00

0,00

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

106.677,00

95.652,00

87.934,00

41.413,00

97.743,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

488,00

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):

0,00

985,00

0,00

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

106.188,00

96.637,00

87.934,00

41.413,00

97.743,00

A.14. Corporation Tax:

-7.370,00

12.155,00

20.050,00

0,00

17.931,00

A.15. Miscellaneous taxes:

0,00

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

113.558,00

84.482,00

67.884,00

41.413,00

79.812,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

4.751.127,00

4.059.713,00

3.259.533,00

3.017.449,00

1.759.852,00

B.1. Operating income:

4.749.028,00

4.058.244,00

3.250.930,00

3.010.438,00

1.758.282,00

a) Net total sales:

4.600.748,00

3.987.279,00

3.175.022,00

2.945.663,00

1.734.173,00

b) Miscellaneous operating income:

148.281,00

70.965,00

75.908,00

64.775,00

24.109,00

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

0,00

B.2. Financial income:

2.099,00

485,00

8.603,00

3.426,00

1.569,00

a) Companies of the group:

2.099,00

485,00

8.603,00

3.426,00

1.569,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

3.585,00

0,00

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

6.045,00

3.828,00

28.861,00

0,00

8.080,00

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

985,00

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):

488,00

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

106.188,00

96.637,00

87.934,00

41.413,00

97.743,00

2. Results adjustments.: 61200

139.832,00

7.512,00

46.996,00

20.679,00

26.993,00

a) Fixed Assets Amortization (+).: 61201

33.177,00

7.614,00

9.594,00

24.106,00

24.885,00

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

100.610,00

-3.930,00

38.550,00

0,00

g) Financial income (-).: 61207

-2.099,00

-485,00

-8.603,00

-3.426,00

-1.569,00

h) Financial Expenses (+). : 61208

8.144,00

4.314,00

7.455,00

0,00

3.677,00

3. Changes in current capital equity.: 61300

1.101.991,00

-1.070.089,00

-293.978,00

-107.959,00

-31.342,00

a) Stock (+/-).: 61301

-74.091,00

-148.822,00

267.396,00

-446.657,00

29.565,00

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

-1.494,00

-155.302,00

-431.417,00

210.556,00

-277.654,00

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

140.000,00

-140.000,00

200.000,00

-72.854,00

-94.857,00

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

1.037.576,00

-625.965,00

-329.957,00

200.997,00

311.604,00

4. Other cash flows for operating activities.: 61400

-6.045,00

-3.828,00

1.148,00

3.426,00

-2.107,00

a) Interest payments (-). : 61401

-8.144,00

-4.314,00

-7.455,00

0,00

-3.677,00

c) Interest collection (+). : 61403

2.099,00

485,00

8.603,00

3.426,00

1.569,00

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

1.341.967,00

-969.768,00

-157.901,00

-42.440,00

91.287,00

6. Payments for investment (-).: 62100

-105.533,00

-35.030,00

-10.009,00

0,00

-7.000,00

c) Fixed assets. : 62103

-104.424,00

-33.730,00

-10.009,00

0,00

e) Other financial assets. : 62105

-1.109,00

-1.300,00

0,00

-7.000,00

7. Divestment payment collection (+). : 62200

0,00

6.000,00

14.848,00

24.885,00

c) Fixed assets. : 62203

0,00

14.848,00

24.885,00

e) Other financial assets. : 62205

0,00

6.000,00

0,00

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

-138.711,00

-42.644,00

-13.603,00

-9.258,00

-7.000,00

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

0,00

36.061,00

0,00

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

0,00

36.061,00

0,00

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

-1.207.410,00

1.325.236,00

-107.595,00

174.758,00

78.337,00

a) Issuance : 63201

112.824,00

1.373.662,00

8.426,00

174.758,00

78.337,00

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

45.174,00

0,00

8.426,00

145.419,00

72.413,00

4. Special characteristic debts (+). : 63205

67.650,00

0,00

5. Other debts (+). : 63206

0,00

1.373.662,00

0,00

29.339,00

5.924,00

b) Repayment and amortization of : 63207

-1.320.234,00

-48.426,00

-116.021,00

0,00

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

0,00

-48.426,00

-81.166,00

0,00

5. Other debts (-). : 63212

-1.320.234,00

0,00

-34.855,00

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

-1.207.410,00

1.325.236,00

-71.534,00

174.758,00

78.337,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-4.154,00

312.824,00

-243.038,00

123.060,00

162.624,00

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

478.570,00

165.746,00

408.784,00

285.724,00

123.099,00

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

474.416,00

478.570,00

165.746,00

408.784,00

285.724,00

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 %

0,08 %

0,17 %

-101,15 %

-96,02 %

EBITDA over Sales:

2,42 %

4,39 %

2,69 %

7,58 %

-9,95 %

-42,07 %

Cash Flow Yield:

0,00 %

0,14 %

0,04 %

-101,31 %

-86,63 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,98 %

1,65 %

4,79 %

0,51 %

4,02 %

220,18 %

Total economic profitability:

5,06 %

1,50 %

4,54 %

-0,03 %

11,40 %

5.545,38 %

Financial profitability:

13,63 %

0,05 %

11,74 %

-3,94 %

16,10 %

101,38 %

Margin:

2,38 %

1,71 %

2,45 %

0,94 %

-2,88 %

81,57 %

Mark-up:

2,25 %

0,24 %

2,36 %

-6,14 %

-4,44 %

103,83 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,41

0,26

0,34

0,16

19,98

64,78

Acid Test:

1,09

1,10

1,00

0,86

8,79

27,29

Working Capital / Investment:

0,37

0,21

0,33

0,08

10,47

151,05

Solvency:

1,79

1,76

1,53

1,43

17,18

22,74

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,46

1,03

1,95

1,07

-24,88

-3,84

Borrowing Composition:

0,11

0,73

0,04

1,22

167,16

-39,98

Repayment Ability:

-311,27

103,97

4,70

14,17

-6.722,46

633,79

Warranty:

1,75

1,98

1,51

1,94

15,59

1,96

Generated resources / Total creditors:

0,11

0,06

0,01

81,16

348,18

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,08

1,20

1,09

1,30

-0,96

-7,95

Turnover of Collection Rights :

5,94

4,36

5,12

3,64

15,95

19,89

Turnover of Payment Entitlements:

3,25

2,92

2,35

24,20

Stock rotation:

5,64

4,21

5,29

2,20

6,56

91,23

Assets turnover:

2,09

0,96

1,95

0,55

7,10

76,33

Borrowing Cost:

0,63

2,14

0,29

2,83

114,67

-24,10

> 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 %

0,08 %

-0,08 %

0,04 %

0,09 %

EBITDA over Sales:

2,42 %

2,69 %

3,98 %

2,22 %

7,54 %

Cash Flow Yield:

0,00 %

0,14 %

-0,17 %

0,07 %

0,13 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

4,98 %

4,79 %

8,18 %

2,75 %

9,19 %

Total economic profitability:

5,06 %

4,54 %

6,66 %

2,43 %

7,86 %

Financial profitability:

13,63 %

11,74 %

10,69 %

7,80 %

16,29 %

Margin:

2,38 %

2,45 %

3,59 %

1,37 %

6,02 %

Mark-up:

2,25 %

2,36 %

2,70 %

1,38 %

5,56 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,41

0,34

0,25

0,41

0,38

Acid Test:

1,09

1,00

1,21

0,82

1,09

Working Capital / Investment:

0,37

0,33

0,52

0,40

0,38

Solvency:

1,79

1,53

2,12

1,68

1,64

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,46

1,95

1,13

2,21

1,63

Borrowing Composition:

0,11

0,04

0,15

0,18

0,05

Repayment Ability:

-311,27

4,70

-3,12

9,56

4,92

Warranty:

1,75

1,51

1,89

1,45

1,61

Generated resources / Total creditors:

0,11

0,06

0,14

0,06

0,13

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,08

1,09

1,13

1,08

1,26

Turnover of Collection Rights :

5,94

5,12

5,10

14,65

4,23

Turnover of Payment Entitlements:

3,25

3,53

2,25

1,56

Stock rotation:

5,64

5,29

5,23

3,43

3,94

Assets turnover:

2,09

1,95

2,28

2,01

1,53

Borrowing Cost:

0,63

0,29

0,98

0,00

0,46

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

Answer to additional question

The Street numbering has recently been changed and now it have assigned the number 22, while it is at the same location

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

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

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

TREND OF SCORING

Probability of default

Recommended commercial credit

LEGAL CLAIMS

Guarantees

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Answer to additional question

Unit