MIRA INFORM REPORT

Report No. :	312423
Report Date :	20.03.2015

IDENTIFICATION DETAILS

Name :	ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL SL

Registered Office :	C/ Cardenal Marcelo Spinola, 10. - Madrid - 28016 - Madrid

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	20.10.2009

Legal Form :	Private Company

Line of Business :	Other Specialized Construction Activities

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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	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:

ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL SL

NIF / Fiscal code:

B85811024

Status:

ACTIVE

Incorporation Date:

20/10/2009

Register Data

Last Publication in BORME:

02/02/2015 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

3.010

Localization:

C/ Cardenal Marcelo Spinola, 10. - Madrid - 28016 - Madrid

Telephone - Fax - Email - Website:

Telephone. 914 569 500 Email. infogrupoacs@grupoacs.com Website. www.grupoacs.com

Activity:

NACE:

4399 - Other specialized construction activities n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

COBRA GESTION DE INFRAESTRUCTURAS SA

ENERGIA Y RECURSOS AMBIENTALES SA

99.67 %

ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA.

Identification

Social Denomination:

ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL SL

NIF / Fiscal code:

B85811024

Corporate Status:

ACTIVE

Start of activity:

2009

Registered Office:

C/ CARDENAL MARCELO SPINOLA, 10.

Locality:

MADRID

Province:

MADRID

Postal Code:

28016

Telephone:

914 569 500

Fax:

914 569 472

Website:

www.grupoacs.com

Email:

infogrupoacs@grupoacs.com

Activity

NACE:

4399

Additional Information:

It is engaged to promotion, construction, exploitation and maintenance of renewable energy plants, wind farms and thermosolar plants in particular. Belongs to ACS Group. C/ CARDENAL MARCELO SPINOLA, 10. 28016 MADRID , registered office, ofifices, in rent.

Import / export:

EXPORT

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2009

Appointments/ Re-elections (1) Company Formation (1)

2010

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2011

Accounts deposit (ejer. 2009)

2012

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

2013

Accounts deposit (ejer. 2011) Appointments/ Re-elections (4)

2014

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

2015

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

Breakdown of Owners' Equity

Registered Capital:

3.010

Paid up capital:

3.010

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

01/12/2009

Company Formation

3.010

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

ENERGIA Y RECURSOS AMBIENTALES SA

01/12/2009

PROXY

SANCHEZ SOBRINO OSCAR DAVID

13/06/2013

AGUDO SAIZ JULIO

13/06/2013

MAGRO VALENCIA MIGUEL ANGEL

12/06/2013

ESPADA MONZON JOSE ENRIQUE

10/06/2013

ABRIL MARTIN MARCIAL

10/06/2013

BERMUDEZ PEREZ TOMAS

10/06/2013

MUÑOZ GONZALEZ ALBO JUAN MANUEL

13/01/2010

REPRESENTATIVE

CUEVAS MORENO PEDRO JESUS

23/01/2015

ACCOUNTS' AUDITOR / HOLDER

DELOITTE SL

22/09/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

GOMEZ ZAMORA ANTONIO

REPRESENTATIVE

16/10/2012

IGLESIA LACHICA LEOPOLDO

PROXY

27/10/2010

JIMENEZ SERRANO RAMON

REPRESENTATIVE

23/01/2015

PEREZ LORENZO JAVIER

PROXY

24/10/2012

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

---

> Details

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.

It has financial profitability.. ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL SL obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

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

ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL SL it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 88.46% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Long-term solvency. The real assets of the company are found in levels, which in principle, does not provide a strong guarantee through real goods against third parties when returning its long-term obligations.

It is in a Development stage. It has scarce experience in the Sector, characterized by not having yet achieved a strong market position.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.534 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

439 Other specialised construction activities

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 75.00% of the companies of the sector ENERGIA Y RECURSOS AMBIENTALES INTERNACIONAL 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 2.534%.

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

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

COBRA GESTION DE INFRAESTRUCTURAS SA

MADRID

ENERGIA Y RECURSOS AMBIENTALES SA

MADRID

99.67

ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA.

MADRID

PARTICIPATES IN

UNION TEMPORAL DE EMPRESAS EP LOS COCOS

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

COBRA INFRAESTRUCTURAS INTERNACIONAL SA

MADRID

HAS IN ITS ADMINISTRATION BOARD TO

ENERGIA Y RECURSOS AMBIENTALES SA

MADRID

Turnover

Total Sales 2014

30.000.000

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

Estimated Balance

Economic figures year 2014 (thousands of Euros) Total active: 24.060 Euros Not current assets: 60 Euros Current active: 24.000 Euros Passive Own money: 3.000 Euros Not current passive: 250 Euros Current passive: 20.810 Euros

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

November 2014

2011

Normales

March 2013

2010

Normales

August 2012

2009

Normales

January 2011

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 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, such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

54.594,00

0,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

54.594,00

0,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

54.594,00

0,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

21.539.474,00

12.687.866,00

3.299,00

3.010,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.206.565,00

0,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

1.206.565,00

0,00

III. Trade debtors and others receivable accounts: 12300

10.319.762,00

8.741.176,00

177,00

0,00

1. Trade debtors / accounts receivable: 12310

9.929.842,00

7.990.904,00

0,00

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

0,00

b) Customers for sales and provisions of services : 12312

9.929.842,00

7.990.904,00

0,00

2. Customers, Group companies and associates : 12320

12.838,00

0,00

3. Other accounts receivable: 12330

254.976,00

750.272,00

177,00

0,00

4. Personnel: 12340

8.816,00

0,00

5. Assets for deferred tax: 12350

0,00

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

113.290,00

0,00

7. Called up share capital: 12370

0,00

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

102.950,00

80.735,00

112,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

102.950,00

0,00

V. Short-term financial investments : 12500

1.872,00

100,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

1.872,00

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

9.908.325,00

3.865.855,00

3.010,00

1. Treasury: 12710

9.908.325,00

0,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

21.594.068,00

12.687.866,00

3.299,00

3.010,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

A) NET WORTH: 20000

2.341.932,00

419.297,00

2.135,00

3.010,00

A-1) Shareholders' equity: 21000

2.341.932,00

419.297,00

2.135,00

3.010,00

I. Capital: 21100

3.010,00

1. Registered capital : 21110

3.010,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

0,00

249.777,00

0,00

1. Legal y estatutarias: 21310

0,00

2. Other reserves: 21320

0,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

411.793,00

0,00

1. Brought forward: 21510

411.793,00

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

1.927.129,00

166.510,00

-875,00

0,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

151.088,00

70.000,00

0,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

151.088,00

70.000,00

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

19.101.048,00

12.198.569,00

1.164,00

0,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

25.386,00

6.220,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

25.386,00

0,00

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

1.165.336,00

333.621,00

430,00

0,00

V. Trade creditors and other accounts payable: 32500

17.910.326,00

11.858.728,00

734,00

0,00

1. Suppliers: 32510

0,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

0,00

2. Suppliers, Group companies and associates: 32520

138.566,00

0,00

3. Other creditors: 32530

8.766.287,00

0,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

7.774,00

0,00

7. Advances from clients: 32570

8.997.699,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

21.594.068,00

12.687.866,00

3.299,00

3.010,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

1. Net turnover: 40100

27.566.038,00

18.837.148,00

0,00

a) Sales: 40110

0,00

b) Rendering of services: 40120

27.566.038,00

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-21.417.158,00

-14.321.804,00

0,00

a) Stock consumption: 40410

-21.417.158,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

0,00

c) Works carried out by other companies: 40430

0,00

d) Impairment of stock, primary material and other supplies: 40440

0,00

5. Other operating income: 40500

0,00

a) Auxiliary income and other from current management: 40510

0,00

b) Operation subsidies included in the Period's result: 40520

0,00

6. Personnel costs: 40600

-413.672,00

-178.208,00

0,00

a) Wages, salaries et al.: 40610

-369.699,00

0,00

b) Social security costs: 40620

-43.973,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.477.059,00

-3.166.824,00

-1.250,00

0,00

a) External services: 40710

-3.477.059,00

0,00

b) Taxes: 40720

0,00

c) Losses, impairments and variation in provisions from trade operations : 40730

0,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

0,00

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

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

2.258.149,00

1.170.312,00

-1.250,00

0,00

14. Financial income : 41400

38.431,00

0,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

38.431,00

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

38.431,00

0,00

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

0,00

15. Financial expenditure: 41500

-9.471,00

-818.651,00

0,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-9.471,00

0,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

364.080,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

393.040,00

-818.651,00

0,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

2.651.189,00

351.661,00

-1.250,00

0,00

20. Income taxes: 41900

-724.060,00

-185.151,00

375,00

0,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

1.927.129,00

0,00

21. Result of the year coming from interrupted operations : 42000

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

1.927.129,00

166.510,00

-875,00

0,00

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.

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

2.651.189,00

351.661,00

-1.250,00

0,00

2. Results adjustments.: 61200

-391.345,00

818.651,00

0,00

a) Fixed Assets Amortization (+).: 61201

2.606,00

0,00

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

-38.431,00

0,00

g) Financial income (-).: 61207

8.560,00

0,00

h) Financial Expenses (+). : 61208

0,00

818.651,00

0,00

3. Changes in current capital equity.: 61300

-364.080,00

2.851.121,00

820,00

0,00

a) Stock (+/-).: 61301

3.544.581,00

0,00

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

-330.272,00

-8.740.999,00

-177,00

0,00

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

-2.101.851,00

-80.723,00

-112,00

0,00

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

5.976.703,00

11.672.843,00

1.109,00

0,00

4. Other cash flows for operating activities.: 61400

29.871,00

-818.651,00

0,00

a) Interest payments (-). : 61401

-8.560,00

-818.651,00

0,00

c) Interest collection (+). : 61403

38.431,00

0,00

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

5.834.295,00

3.202.782,00

-430,00

0,00

6. Payments for investment (-).: 62100

-81.185,00

0,00

a) Companies of the group and affiliates. : 62101

-22.214,00

0,00

c) Fixed assets. : 62103

-57.199,00

0,00

e) Other financial assets. : 62105

-1.772,00

0,00

7. Divestment payment collection (+). : 62200

0,00

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

-81.185,00

0,00

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

0,00

250.652,00

0,00

3.010,00

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

0,00

250.652,00

0,00

3.010,00

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

289.360,00

409.411,00

430,00

0,00

a) Issuance : 63201

289.360,00

409.411,00

430,00

0,00

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

81.088,00

403.191,00

430,00

0,00

5. Other debts (+). : 63206

208.272,00

6.220,00

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

289.360,00

660.063,00

430,00

3.010,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

6.042.470,00

3.862.845,00

0,00

3.010,00

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

3.865.855,00

3.010,00

0,00

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

9.908.325,00

3.865.855,00

3.010,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,22 %

0,01 %

0,21 %

0,14 %

6,89 %

-95,39 %

EBITDA over Sales:

8,19 %

9,19 %

6,21 %

5,98 %

31,85 %

53,73 %

Cash Flow Yield:

0,28 %

0,00 %

0,30 %

0,03 %

-8,09 %

-90,70 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

10,51 %

5,16 %

9,28 %

0,35 %

13,20 %

1.379,11 %

Total economic profitability:

12,32 %

2,46 %

9,22 %

-0,19 %

33,58 %

1.406,85 %

Financial profitability:

82,29 %

1,25 %

39,71 %

-3,85 %

107,21 %

132,58 %

Margin:

8,19 %

4,80 %

6,21 %

0,70 %

31,85 %

581,56 %

Mark-up:

9,62 %

1,53 %

1,87 %

-6,92 %

415,18 %

122,13 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,52

0,12

0,32

0,13

63,68

-12,79

Acid Test:

1,06

0,85

1,04

0,84

2,34

0,84

Working Capital / Investment:

0,11

0,03

0,04

0,11

192,81

-75,88

Solvency:

1,13

1,17

1,04

1,50

8,42

-21,72

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

8,22

1,63

29,26

1,32

-71,90

23,89

Borrowing Composition:

0,01

1,02

0,01

1,24

37,85

-17,25

Repayment Ability:

3,19

196,03

3,18

16,79

0,32

1.067,28

Warranty:

1,12

1,62

1,03

1,76

8,46

-7,88

Generated resources / Total creditors:

0,10

0,07

0,01

637,54

422,14

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

6,46

1,72

7,57

1,27

-14,65

35,25

Turnover of Collection Rights :

2,67

4,79

2,15

3,45

23,95

39,05

Turnover of Payment Entitlements:

1,39

3,52

1,47

2,24

-5,75

57,02

Stock rotation:

20,98

6,47

1,72

276,09

Assets turnover:

1,28

1,07

1,49

0,49

-14,15

117,02

Borrowing Cost:

0,05

2,95

6,67

2,81

-99,26

4,92

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

Cash Flow

2012

2011

2010

2009

Cash Flow over Sales:

0,22 %

0,21 %

EBITDA over Sales:

8,19 %

6,21 %

Cash Flow Yield:

0,28 %

0,30 %

0,00 %

1,00 %

Profitability

2012

2011

2010

2009

Operating economic profitability:

10,51 %

9,28 %

-39,22 %

0,00 %

Total economic profitability:

12,32 %

9,22 %

-37,89 %

0,00 %

Financial profitability:

82,29 %

39,71 %

-40,98 %

0,00 %

Margin:

8,19 %

6,21 %

Mark-up:

9,62 %

1,87 %

Solvency

2012

2011

2010

2009

Liquidity:

0,52

0,32

2,59

Acid Test:

1,06

1,04

2,83

Working Capital / Investment:

0,11

0,04

0,65

1,00

Solvency:

1,13

1,04

2,83

Indebtedness

2012

2011

2010

2009

Indebtedness level:

8,22

29,26

0,55

0,00

Borrowing Composition:

0,01

0,00

Repayment Ability:

3,19

3,18

0,00

Warranty:

1,12

1,03

2,83

Generated resources / Total creditors:

0,10

0,01

-0,75

Efficiency

2012

2011

2010

2009

Productivity:

6,46

7,57

Turnover of Collection Rights :

2,67

2,15

0,00

Turnover of Payment Entitlements:

1,39

1,47

1,70

Stock rotation:

20,98

Assets turnover:

1,28

1,49

0,00

Borrowing Cost:

0,05

6,67

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

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.62.48
UK Pound	1	Rs.92.99
Euro	1	Rs.67.29

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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

Partners

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit