M0IRA INFORM REPORT

Report No. :	343787
Report Date :	06.10.2015

IDENTIFICATION DETAILS

Name :	SA ETERLA

Registered Office :	C/ Evarist Arnus, 31 -37 Bajos Local 2. - Barcelona - 08014 – Barcelona

Country :	Spain

Financials (as on) :	27.12.2013

Date of Incorporation :	01.04.1980

Legal Form :	Public Company

Line of Business :	Manufacture of other organic basic chemicals

No. of Employee :	14

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 :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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

After experiencing a prolonged recession in the wake of the globalFINANCIAL crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption andINVESTMENT. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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, but 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:

SA ETERLA

NIF / Fiscal code:

A08586745

Status:

ACTIVE

Incorporation Date:

01/04/1980

Register Data

Last Publication in BORME:

17/12/2013 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

1.007.214,40

Localization:

C/ EVARIST ARNUS, 31 -37 BAJOS LOCAL 2. - BARCELONA - 08014 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 972 871 287 Email. fabrica@eterla.com Website. www.eterla.net

Number of Branches

Activity:

NACE:

2014 - Manufacture of other organic basic chemicals

Registered Trademarks:

Audited / Opinion:

Tenders and Awards:

Subsidies:

0 for a total cost of 0

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:

JOSECARLOS RUIZ LARRAMENDI LLOPART
ANTONIO QUINTANA ESTRUGA
MARIAPIA RUIZ DE LARRAMENDI LLOPART
ESTEBAN MENDEZ LLOBELL
Shares:	1
Other Links:	0
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources NO, Guarantees NO

INVESTIGATION SUMMARY

The company was established in 1980. It is dedicated to the manufacture and design of sales stand and other metallic structures. Its activities are carried out both nationally and internationally. In the consulted references there are no charges against it, taking into consideration the last figures that appear in the Public trade Register, we consider that it is convenient to revise periodically its progress.

Interviewed Person:

Enquiry Details

Identification

Social Denomination:

SA ETERLA

NIF / Fiscal code:

A08586745

Corporate Status:

ACTIVE

Start of activity:

1980

Registered Office:

C/ EVARIST ARNUS, 31 -37 BAJOS LOCAL 2.

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08014

Telephone:

972 871 287

Fax:

972 871 421

Website:

www.eterla.net

Email:

fabrica@eterla.com

Interviewed Person:

Srta.: Sandra Tena

Branch Offices

Address

Postal Code

City

Province

Sant Francesc, au-8 (Pol. Ind. Can Batlle)

17400

Breda

Girona

Activity

NACE:

2014

CNAE Obtaining Source:

2014

Legal Form:

THE MANUFACTURE AND COMMERCIALIZATION OF CONSTRUCTION ITEMS (AS A WHOLE OR AS A PART) WITH MANY METALLIC RIBS. THE PURCHASE, SALE, REHABILITATION AND NON-FINANCIAL RENT OF STORES. THE PURCHASE, SALE, REHABILITATION AND NON-FINANCIAL RENT OF RESIDENTIAL BUILDINGS; THE PURCHASE, SALE, CONDITIONING AND NON-FINANCIAL RENT OF RURAL ESTATE, WITH OR WITHOUT A RESIDENTIAL BUILDING;

Additional Information:

Design and manufacture of sale stand and other metallic pieces.

Additional Address:

Registered office and offices in: C/ EVARIST ARNUS, 31 -37 BAJOS LOCAL 2. 08014 BARCELONA The working center is located in: C/ Sant Francesc, Nau-8 (Pol. Ind. Can Batlle) de Breda (Girona).

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 axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (2) Statutory Modifications (1)

1991

Accounts deposit (year 1989)

1992

Adaptation to Law (1) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)

1996

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

1997

Accounts deposit (year 1993, 1994, 1995)

1998

Capital Reduction (1)

1999

Accounts deposit (year 1996, 1997) Capital Reduction (1)

2000

Accounts deposit (year 1998, 1999)

2001

Accounts deposit (year 2000)

2002

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

2003

Accounts deposit (year 2001, 2002)

2004

Accounts deposit (year 2003) Change of Social Purpose (1)

2005

Accounts deposit (year 2004)

2006

Accounts deposit (year 2005)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Change of Social address (1) Statutory Modifications (1)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

1.007.214,40

Paid up capital:

1.007.214,40

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1258

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

02/08/1990

Increase of Capital

1.081.967

1.118.028

30/11/1990

Increase of Capital

270.455

1.388.484

31/03/1992

Capital Reduction

-241.536

1.146.947

22/04/1999

Capital Reduction

-139.551

1.007.397

06/06/2008

Capital Reduction

-182

1.007.214

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

RUIZ DE LARRAMENDI LLOPART JOSE CARLOS

10/12/2013

PROXY

RUIZ DE LARRAMENDI LLOPART JOSE CARLOS

12/11/1996

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

DE LLANZA MOJA ISABEL

MEMBER OF THE BOARD

02/08/1990

SECRETARY

02/08/1990

LLOPART SOLER MONTSERRAT

MEMBER OF THE BOARD

31/03/1992

MEMBER OF THE BOARD

12/11/1996

PRESIDENT

31/03/1992

PRESIDENT

12/11/1996

MENDEZ LLOBELL ESTEBAN

SECRETARY

28/06/2002

SECRETARY

06/06/2008

MEMBER OF THE BOARD

06/06/2008

MEMBER OF THE BOARD

28/06/2002

QUINTANA ESTRUGA ANTONIO

MEMBER OF THE BOARD

02/08/1990

MEMBER OF THE BOARD

31/03/1992

RUIZ DE LARRAMENDI JOSE CARLOS

MEMBER OF THE BOARD

02/08/1990

PRESIDENT

02/08/1990

RUIZ DE LARRAMENDI LLOPART JOSE CARLOS

PROXY

12/11/1996

SECRETARY

12/11/1996

MEMBER OF THE BOARD

12/11/1996

MEMBER OF THE BOARD

28/06/2002

PRESIDENT

28/06/2002

PRESIDENT

06/06/2008

MEMBER OF THE BOARD

06/06/2008

SINGLE ADMINISTRATOR

10/12/2013

MEMBER OF THE BOARD

31/03/1992

SECRETARY

31/03/1992

RUIZ DE LARRAMENDI LLOPART MARIA PIA

MEMBER OF THE BOARD

28/06/2002

MEMBER OF THE BOARD

06/06/2008

MEMBER OF THE BOARD

31/03/1992

MEMBER OF THE BOARD

12/11/1996

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE CARLOS RUIZ LARRAMENDI LLOPART

MANAGING DIRECTOR

JOSE CARLOS RUIZ LARRAMENDI LLOPART

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

---

04/01/2010

30/09/2014

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

---

> Basis for scoring

Positive Factors

Adverse Factors

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

The current debt represents a 9.60of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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.

Debts assumed by the company based on the volume of its own resources have decreased in the previous financial year.

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.

It does not have any financial profitability.. SA ETERLAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

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.

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.

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

2 Legal Claims for a total cost of 8.228,22 E

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

2 Legal Claims for a total cost of 0,00 E

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

No se han publicado

Incidences Detailed

Incidences with the Social Security

BY THE SOCIAL SECURITY DE GIRONA - Date 04/01/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03172009017238113

Amount of the incidence:

8.155,01 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

PG CAL BATLLE C/ SAN; BREDA C.P.:17400 (GIRONA)

Source:

B.O.P. GIRONA Nº12, 2010 PAGINA 18

BY THE SOCIAL SECURITY DE GIRONA - Date 04/01/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03172009017238214

Amount of the incidence:

73,21 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

PG CAL BATLLE C/ SAN; BREDA C.P.:17400 (GIRONA)

Source:

B.O.P. GIRONA Nº12, 2010 PAGINA 18

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 30/09/2014

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

14272039154

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº7266, 2014 PAGINA 234

PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 02/03/2012

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

12058029831

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6638, 2012 PAGINA 41

GUARANTEES

REFERENCES

Suppliers

Name

NIF

Telephone

BREDA STIL

Link List

PARTICIPATES IN :

1 Entities

SHAREHOLDERS :

4 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

JOSECARLOS RUIZ LARRAMENDI LLOPART

ANTONIO QUINTANA ESTRUGA

MARIAPIA RUIZ DE LARRAMENDI LLOPART

ESTEBAN MENDEZ LLOBELL

PARTICIPATES IN

WHISTESTONE SL

BARCELONA

6.13

Turnover

Total Sales 2013

1.174.057,53

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

Estimated Balance

The last figures that appear in the Public Trade Register date back to (31-12-2013). We can observe that in spite of the fact that the financial year ended with a slight loss of -620 Euros, the company has accumulated losses of -650.284 Euros from the previous exercise. In light of the above, and due to not having the accounts of the last exercise, we do not know to which extent this situation could vary, and as a consequence, we cannot include figures in this section of the report, though they are usually habitual in these kinds of reports.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

July 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

October 2010

2008

Normales

October 2009

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

July 2006

2004

Normales

September 2005

2003

Normales

July 2004

2002

Normales

August 2003

2001

Normales

August 2003

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

May 2000

1997

Normales

January 1999

1996

Normales

January 1999

1995

Normales

September 1997

1994

Normales

September 1997

1993

Normales

September 1997

1989

Normales

December 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 27/12/2013

> Balance en formato Abreviado 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. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

1.409.722,00

1.441.810,00

1.535.800,00

1.631.490,00

1.235.961,00

I. Intangible fixed assets : 11100

1.453,00

II. Tangible fixed assets : 11200

1.171.162,00

1.206.134,00

1.296.196,00

1.388.901,00

991.741,00

III. Real estate investment: 11300

0,00

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

82.715,00

V. Long-term financial investments: 11500

8.843,00

6.114,00

999,00

1.003,00

4.052,00

VI. Assets for deferred tax : 11600

145.550,00

145.395,00

154.438,00

157.418,00

156.000,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

455.797,00

904.861,00

792.251,00

1.832.409,00

1.713.619,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

525.388,00

459.862,00

98.670,00

433.020,00

III. Trade debtors and others receivable accounts: 12300

522.700,00

420.660,00

332.389,00

1.611.063,00

1.269.742,00

1.- Customers for sales and provisions of services : 12380

522.700,00

415.168,00

318.947,00

1.607.495,00

1.256.551,00

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

0,00

b) Customers for sales and provisions of services : 12382

522.700,00

415.168,00

318.947,00

1.607.495,00

1.256.551,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

0,00

5.492,00

13.441,00

3.568,00

13.191,00

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

0,00

V. Short-term financial investments : 12500

-632.658,00

0,00

135.494,00

10.857,00

VI. Short-term accruals: 12600

0,00

4.052,00

0,00

VII. Cash and other equivalent liquid assets : 12700

40.368,00

20.287,00

0,00

-12.818,00

0,00

TOTAL ASSETS (A + B) : 10000

1.865.519,00

2.346.671,00

2.328.050,00

3.463.899,00

2.949.580,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.573.840,00

1.574.461,00

1.623.987,00

1.621.047,00

1.635.523,00

A1) Shareholders' equity : 21000

1.573.840,00

1.574.461,00

1.623.987,00

1.621.047,00

1.635.523,00

I. Capital: 21100

1.007.397,00

1.- Registered capital: 21110

1.007.397,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.217.348,00

1.217.497,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-650.284,00

-600.384,00

-602.402,00

-593.423,00

-533.012,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-620,00

-49.900,00

1.495,00

-10.424,00

-56.360,00

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

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

0,00

B) NON-CURRENT LIABILITIES: 31000

112.599,00

126.270,00

125.520,00

134.562,00

152.876,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

-1.908,00

11.764,00

21.087,00

30.130,00

38.369,00

1.- Amounts owed to credit institutions: 31220

0,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

-1.908,00

11.764,00

21.087,00

30.130,00

38.369,00

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

0,00

IV. Liabilities for deferred tax: 31400

114.507,00

104.433,00

114.507,00

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

179.080,00

645.940,00

578.543,00

1.708.289,00

1.161.181,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

23.009,00

515.638,00

380.344,00

564.134,00

498.204,00

1.- Amounts owed to credit institutions: 32320

31.772,00

480.406,00

0,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

-8.763,00

35.232,00

380.344,00

564.134,00

498.204,00

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

0,00

V. Trade creditors and other accounts payable: 32500

158.101,00

130.302,00

195.953,00

1.144.156,00

656.679,00

1.- Suppliers: 32580

100.364,00

114.197,00

110.796,00

1.048.476,00

532.243,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

100.364,00

114.197,00

110.796,00

1.048.476,00

532.243,00

2.- Other creditors : 32590

57.736,00

16.105,00

85.158,00

95.679,00

124.436,00

VI. Short-term accruals: 32600

-2.030,00

0,00

2.246,00

0,00

6.298,00

VII. Special short-term debts : 32700

0,00

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

1.865.519,00

2.346.671,00

2.328.050,00

3.463.899,00

2.949.580,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

1.174.058,00

987.355,00

0,00

1.110.873,00

903.433,00

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

65.526,00

0,00

368.392,00

11.200,00

57.460,00

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

0,00

4. Supplies : 40400

-648.508,00

-668.599,00

-367.167,00

-940.522,00

-600.779,00

5. Other operating income: 40500

15,00

921,00

2.736,00

40,00

0,00

6. Personnel costs: 40600

-381.828,00

-326.672,00

-276.777,00

-340.038,00

-287.541,00

7. Other operating costs: 40700

-152.057,00

-146.723,00

-104.142,00

-122.854,00

-62.350,00

8. Amortisation of fixed assets: 40800

-38.768,00

-90.061,00

-92.705,00

-102.640,00

-99.835,00

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

498.000,00

414.000,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

193.567,00

0,00

14.450,00

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

18.437,00

-50.212,00

28.336,00

30.059,00

-75.162,00

14. Financial income : 41400

386,00

110,00

0,00

18,00

16,00

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

0,00

b) Other financial income: 41490

386,00

110,00

0,00

18,00

16,00

15. Financial expenditure: 41500

-19.599,00

-12.272,00

-26.468,00

-43.107,00

0,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

0,00

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

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-19.213,00

-12.162,00

-26.468,00

-43.090,00

16,00

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

-776,00

-62.375,00

1.868,00

-13.031,00

-75.146,00

20. Income taxes: 41900

155,00

12.475,00

-374,00

2.606,00

18.787,00

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

-620,00

-49.900,00

1.495,00

-10.424,00

-56.360,00

> 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. 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:

1.264.172,00

1.296.416,00

1.381.362,00

1.474.072,00

1.079.960,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

1.453,00

III. Tangible fixed assets:

1.171.162,00

1.206.134,00

1.296.196,00

1.388.901,00

991.741,00

IV. Financial investments:

91.558,00

88.829,00

83.714,00

83.718,00

86.766,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

601.347,00

1.050.255,00

946.689,00

1.989.827,00

1.869.620,00

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

0,00

II. Stocks:

525.388,00

459.862,00

98.670,00

433.020,00

III. Debtors:

668.249,00

566.054,00

486.827,00

1.768.481,00

1.425.742,00

IV. Short-term investments:

-632.658,00

0,00

135.494,00

10.857,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

40.368,00

20.287,00

0,00

-12.818,00

0,00

VII. Prepayments and accrued income:

0,00

4.052,00

0,00

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

1.865.519,00

2.346.671,00

2.328.050,00

3.463.899,00

2.949.580,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.573.840,00

1.574.461,00

1.623.987,00

1.621.047,00

1.635.523,00

I. Subscribed capital:

1.007.397,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.217.348,00

1.217.497,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

1.217.348,00

1.217.497,00

V. Profit or loss brought forward:

-650.284,00

-600.384,00

-602.402,00

-593.423,00

-533.012,00

VI. Profit or loss for the financial year:

-620,00

-49.900,00

1.495,00

-10.424,00

-56.360,00

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:

112.599,00

126.270,00

125.520,00

134.562,00

152.876,00

E) SHORT TERM CREDITORS:

179.080,00

645.940,00

578.543,00

1.708.289,00

1.161.181,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

1.865.519,00

2.346.671,00

2.328.050,00

3.463.899,00

2.949.580,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

1.175.079,00

1.231.853,00

499.242,00

1.535.355,00

974.259,00

A.1. Operating consumption:

582.982,00

668.599,00

-1.225,00

929.322,00

543.319,00

A.2. Staff Costs:

381.828,00

326.672,00

276.777,00

340.038,00

287.541,00

a) Wages, salaries et al.:

305.322,00

261.217,00

221.320,00

271.905,00

229.927,00

b) Social security costs:

76.506,00

65.455,00

55.457,00

68.133,00

57.614,00

A.3. Depreciation expense:

38.768,00

90.061,00

92.705,00

102.640,00

99.835,00

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

0,00

A.5. Other operating charges:

152.057,00

146.723,00

104.142,00

122.854,00

62.350,00

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

18.437,00

0,00

A.6. Financial and similar charges:

19.599,00

12.272,00

26.468,00

43.107,00

0,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

19.599,00

12.272,00

26.468,00

43.107,00

0,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

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

0,00

16,00

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

0,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

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

193.567,00

498.000,00

414.000,00

14.450,00

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

0,00

1.868,00

0,00

A.14. Corporation Tax:

-155,00

-12.475,00

374,00

-2.606,00

-18.787,00

A.15. Miscellaneous taxes:

0,00

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

0,00

1.495,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

1.174.459,00

1.181.953,00

500.736,00

1.524.931,00

917.899,00

B.1. Operating income:

1.174.072,00

988.276,00

2.736,00

1.110.913,00

903.433,00

a) Net total sales:

1.174.058,00

987.355,00

0,00

1.110.873,00

903.433,00

b) Miscellaneous operating income:

15,00

921,00

2.736,00

40,00

0,00

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

0,00

243.780,00

469.664,00

383.941,00

89.613,00

B.2. Financial income:

386,00

110,00

0,00

18,00

16,00

a) Companies of the group:

386,00

110,00

0,00

18,00

16,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

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

19.213,00

12.162,00

26.468,00

43.090,00

0,00

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

776,00

255.942,00

496.132,00

427.031,00

89.597,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

0,00

498.000,00

414.000,00

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

193.567,00

0,00

14.450,00

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

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

776,00

62.375,00

0,00

13.031,00

75.146,00

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

620,00

49.900,00

0,00

10.424,00

56.360,00

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.

1. Fiscal year result before taxes.: 61100

-776,00

-62.375,00

1.868,00

-13.031,00

-75.146,00

2. Results adjustments.: 61200

57.981,00

102.223,00

119.173,00

145.730,00

99.819,00

a) Fixed Assets Amortization (+).: 61201

38.768,00

90.061,00

92.705,00

102.640,00

99.835,00

g) Financial income (-).: 61207

-386,00

-110,00

0,00

-18,00

-16,00

h) Financial Expenses (+). : 61208

19.599,00

12.272,00

26.468,00

43.107,00

0,00

3. Changes in current capital equity.: 61300

495.068,00

-147.746,00

106.646,00

352.177,00

-334.768,00

a) Stock (+/-).: 61301

-65.526,00

0,00

-361.192,00

334.350,00

15.140,00

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

-102.040,00

-88.271,00

1.278.674,00

-341.321,00

-466.847,00

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

636.710,00

-4.052,00

135.494,00

-124.637,00

-10.857,00

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

27.954,00

-53.177,00

-948.576,00

490.082,00

123.496,00

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

-2.030,00

-2.246,00

2.246,00

-6.298,00

4.301,00

4. Other cash flows for operating activities.: 61400

-19.213,00

-12.162,00

-26.468,00

-43.090,00

16,00

a) Interest payments (-). : 61401

-19.599,00

-12.272,00

-26.468,00

-43.107,00

0,00

c) Interest collection (+). : 61403

386,00

110,00

0,00

18,00

16,00

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

533.060,00

-120.059,00

201.220,00

441.787,00

-310.079,00

6. Payments for investment (-).: 62100

-2.884,00

-5.115,00

0,00

-398.577,00

-22.838,00

c) Fixed assets. : 62103

0,00

-397.160,00

0,00

e) Other financial assets. : 62105

-2.729,00

-5.115,00

0,00

-4.052,00

h) Other assets. : 62108

-155,00

0,00

-1.417,00

-18.787,00

7. Divestment payment collection (+). : 62200

34.973,00

99.105,00

95.690,00

3.048,00

151.855,00

a) Companies of the group and affiliates. : 62201

0,00

52.020,00

c) Fixed assets. : 62203

34.973,00

90.061,00

92.705,00

0,00

99.835,00

e) Other financial assets. : 62205

0,00

5,00

3.048,00

0,00

h) Other assets. : 62208

0,00

9.043,00

2.980,00

0,00

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

-6.679,00

3.928,00

2.984,00

-498.169,00

29.182,00

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

0,00

374,00

1.446,00

-4.052,00

0,00

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

0,00

374,00

1.446,00

0,00

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

0,00

-4.052,00

0,00

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

-506.300,00

136.044,00

-192.833,00

47.617,00

280.897,00

a) Issuance : 63201

0,00

490.480,00

0,00

65.930,00

295.999,00

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

0,00

480.406,00

0,00

5. Other debts (+). : 63206

0,00

10.074,00

0,00

65.930,00

295.999,00

b) Repayment and amortization of : 63207

-506.300,00

-354.436,00

-192.833,00

-18.314,00

-15.102,00

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

-448.634,00

0,00

5. Other debts (-). : 63212

-57.666,00

-354.436,00

-192.833,00

-18.314,00

-15.102,00

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

0,00

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

-506.300,00

136.418,00

-191.387,00

43.565,00

280.897,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

20.081,00

20.287,00

12.818,00

-12.818,00

0,00

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

20.287,00

0,00

-12.818,00

0,00

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

40.368,00

20.287,00

0,00

-12.818,00

0,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,02 %

0,18 %

0,02 %

0,17 %

-16,76 %

9,37 %

EBITDA over Sales:

4,87 %

-1,46 %

-15,57 %

7,58 %

131,30 %

-119,28 %

Cash Flow Yield:

0,01 %

0,04 %

0,01 %

0,04 %

24,51 %

7,95 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,77 %

-12,17 %

-10,80 %

0,51 %

107,10 %

-2.468,05 %

Total economic profitability:

1,01 %

-3,42 %

-2,14 %

-0,03 %

147,26 %

-12.346,76 %

Financial profitability:

-0,04 %

-11,93 %

-3,17 %

-3,94 %

98,76 %

-202,70 %

Margin:

1,57 %

-24,57 %

-24,67 %

0,94 %

106,37 %

-2.713,10 %

Mark-up:

-0,07 %

-22,24 %

-25,90 %

-6,14 %

99,74 %

-262,14 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,23

0,16

0,03

0,16

617,73

4,42

Acid Test:

-0,39

1,21

0,68

0,86

-156,93

40,00

Working Capital / Investment:

0,15

0,09

0,11

0,08

34,44

4,84

Solvency:

3,36

1,70

1,63

1,43

106,53

19,06

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,19

1,05

0,49

1,07

-62,21

-1,40

Borrowing Composition:

0,63

0,98

0,20

1,22

221,65

-19,95

Repayment Ability:

14,53

12,08

38,06

14,17

-61,84

-14,74

Warranty:

6,40

2,10

3,04

1,94

110,46

8,65

Generated resources / Total creditors:

0,13

-0,06

0,05

0,01

151,47

-592,59

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,15

0,95

0,53

1,30

117,18

-27,44

Turnover of Collection Rights :

2,25

2,94

2,35

3,64

-4,39

-19,15

Turnover of Payment Entitlements:

5,48

2,35

6,26

2,35

-12,45

-0,04

Stock rotation:

2,20

2,48

2,68

2,20

-17,90

12,49

Assets turnover:

0,49

0,50

0,44

0,55

11,46

-9,38

Borrowing Cost:

6,72

3,34

1,59

2,83

322,82

18,08

> 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:

0,02 %

-0,01 %

0,00 %

EBITDA over Sales:

4,87 %

-15,57 %

-25,32 %

1,13 %

Cash Flow Yield:

0,01 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

0,77 %

-10,80 %

1,26 %

0,93 %

-3,14 %

Total economic profitability:

1,01 %

-2,14 %

1,22 %

0,87 %

-2,55 %

Financial profitability:

-0,04 %

-3,17 %

0,09 %

-0,64 %

-3,45 %

Margin:

1,57 %

-24,67 %

1.035,58 %

2,71 %

-9,92 %

Mark-up:

-0,07 %

-25,90 %

68,28 %

-1,17 %

-9,92 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,23

0,03

0,00

-0,01

0,00

Acid Test:

-0,39

0,68

0,57

1,01

1,10

Working Capital / Investment:

0,15

0,11

0,09

0,04

0,24

Solvency:

3,36

1,63

1,64

1,16

1,61

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,19

0,49

0,43

1,14

0,80

Borrowing Composition:

0,63

0,20

0,22

0,08

0,13

Repayment Ability:

14,53

38,06

54,93

-143,77

53,26

Warranty:

6,40

3,04

3,31

1,88

2,24

Generated resources / Total creditors:

0,13

0,05

0,13

0,05

0,03

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,15

0,53

-0,36

0,17

1,04

Turnover of Collection Rights :

2,25

2,35

0,01

0,69

0,71

Turnover of Payment Entitlements:

5,48

6,26

4,29

0,94

1,10

Stock rotation:

2,20

2,68

1,03

15,15

2,29

Assets turnover:

0,49

0,44

0,00

0,34

0,32

Borrowing Cost:

6,72

1,59

3,76

2,34

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

News

-----

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.29
UK Pound	1	Rs.99.31
Euro	1	Rs.73.39

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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.

M0IRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit