MIRA INFORM REPORT

Report Date :

03.06.2011

IDENTIFICATION DETAILS

Name :	ANDRES PINTALUBA SA
Registered Office :	Calle Prudenci Bertrana (Pol. Industrial Agro Reus), 6 43206 Reus Tarragona
Country :	Spain
Financials (as on) :	31.12.2009
Date of Incorporation :	19.01.1979
Legal Form :	Joint Stock Company
Line of Business :	Wholesale of industrial chemical products

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	1.556.002,00 €
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Spain	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company naME  

ANDRES PINTALUBA SA

TAX NUMBER: A43030378

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: ANDRES PINTALUBA SA

Other names:  YES

Current Address:  CALLE PRUDENCI BERTRANA (POL. INDUSTRIAL AGRO REUS), 6

43206 REUS TARRAGONA 

Branches:  7

Telephone number: 977317111 Fax: 977323188

URL:  www.pintaluba.com 

Corporate e-mail:  pintaluba@pintaluba.com

Trade Risk

Credit Appraisal: 1.556.002,00 €

Incidents:  NO

R.A.I.:  NO

Bank and business defaults of payment - ASNEF EMPRESAS:  NO

Financial Information

Latest sales known (2011):  110.000.000,00  €  (Forecast)

Balance sheet latest sales (2009):  102.839.573,43 € (Trade Register)

Result: 2.296.051,94 €

Total Assets: 56.441.259,56 €

Social Capital:  6.000.000,00 €

Employees:  68

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  19/01/1979

Activity:  Wholesale of industrial chemical products

NACE 2009 CODE: 4675

International Operations:  Imports and Exports

Corporate Structure

President: 

MITJA MARTI, JOSE MARIA

Parent Company: 

ANGLOXELL S.L.

Participations:  9

Other Complementary Information

Latest filed accounts published in the Mercantile Register: 2009

Type of Accounts available at the Mercantile Register: consolidated

Latest act published in BORME:  27/12/2010 Annual Filed Accounts

Latest press article:  19/03/2010 DIARI DE TARRAGONA (AGREEMENTS BETWEEN COMPANIES)

Bank Entities:  There are

The date when this report was last updated is 26/04/2011.

The information contained in this report has been investigated and contrasted on 26/04/2011

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Favourable to 1.556.002,00 €

Financial Situation

Exercise:2009

Treasury	Excellent
Indebtedness	Average
Profitability	Average
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: No administrative claims registered

AFFECTED BY: 

2 Company / Companies in Insolvency Proceedings.

BANK AND BUSINESS DEFAULTS OF PAYMENT - ASNEF EMPRESAS

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

30/05/2011 09:05:24

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

Balance-sheet analysis

Figures given in €

	31/12/2009 (12) BALANCE SHEET	% ASSETS	31/12/2008 (12) BALANCE SHEET	% ASSETS	31/12/2007 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	12.956.631,97	22,96	13.002.227,30	21,96	12.765.262,87	23,86
B) CURRENT ASSETS	43.484.627,59	77,04	46.193.440,25	78,04	40.731.879,05	76,14
LIABILITIES
A) NET WORTH	22.095.162,22	39,15	20.811.018,30	35,16	17.591.191,42	32,88
B) NON CURRENT LIABILITIES	4.504.102,88	7,98	5.811.589,12	9,82	6.344.991,40	11,86
C) CURRENT LIABILITIES	29.841.994,46	52,87	32.573.060,13	55,03	29.560.959,10	55,26

Profit and Loss Account Analysis

Figures given in €

	2011 FORECAST	2010 ESTIMATED	31/12/2009 (12) BALANCE SHEET	% NET TURNOVER	31/12/2008 (12) BALANCE SHEET	% NET TURNOVER
SALES	110.000.000,00	119.000.000,00	102.839.573,43		105.408.992,22
GROSS MARGIN			16.158.399,77	15,71	16.500.728,94	15,65
EBITDA			4.347.471,65	4,23	6.068.027,62	5,76
EBIT			3.333.983,95	3,24	4.227.669,90	4,01
NET RESULT			2.296.051,94	2,23	3.200.933,09	3,04
EFFECTIVE TAX RATE (%)			26,78		13,75

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2009)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	22,96	37,27	-14,32
A) CURRENT ASSETS	77,04	62,73	14,32
LIABILITIES
A) NET WORTH	39,15	37,86	1,29
B) NON CURRENT LIABILITIES	7,98	14,71	-6,73
C) CURRENT LIABILITIES	52,87	47,43	5,45
	COMPANY (2009)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	99,27	98,58	0,70
GROSS MARGIN	15,60	19,76	-4,16
EBITDA	4,20	5,06	-0,86
EBIT	3,22	3,93	-0,71
NET RESULT	2,22	2,34	-0,13

Sector Composition

Compared sector (NACE 2009): 4675

Number of companies: 35

Size (Sales Figure): > 40,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2009

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss	2.296.051,94	Legal Reserve	0,00
Carry over	0,00	Voluntary Reserve	2.296.051,94
Voluntary reserves	0,00	Prior years losses	0,00
Reserves	0,00	Carry over	0,00
Other concepts	0,00	Other funds	0,00
Total of Amounts to be distributed	2.296.051,94	Dividends	0,00
		Other Applications	0,00

Auditing

Source: filing of annual financial statement 2009

Auditors’ opinion: FAVOURABLE WITH RESERVATIONS

Auditor: AUDITORES Y CONSULTORES BALANA-EGUIA S.L.

Auditing exceptions: 

DE LA PARTICIPACION EN EMPRESAS DEL GRUPO CONTABILIZADA COMO INSTRUMENTOS DE PATRIMONIO EN EL EPIGRAFE DE INVERSIONES EN EMPRESAS DEL GRUPO Y ASOCIADAS A LARGO PLAZO Y CUYO IMPORTE TOTAL ASCIENDE A 4.287.908,45 EUROS, UN IMPORTE DE 3.948.209,79 EUROS CORRESPONDE A PARTICIPACIONES EN SOCIEDADES, CUYAS CUENTAS ANUALES NO HAN SIDO AUDITADAS AL 31 DE DICIEMBRE DE 2009, SOCIEDADES QUE POR OTRO LADO, NO ESTAN OBLIGADAS A AUDITAR SUS CUENTAS ANUALES. 

company ADDRESSES

Business address

Current Legal Seat Address: 

CALLE PRUDENCI BERTRANA (POL. INDUSTRIAL AGRO REUS), 6

43206 REUS  TARRAGONA

Characteristics of the current address

Type of establishment: store

Owners: owned; with no official confirmation

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE GRAN VIA, 86	28013	MADRID	Madrid
CALLE JOAQUIN TURINA, 2	28224	POZUELO DE ALARCON	Madrid
CALLE VIA LACTEA, 1	28023	MADRID	Madrid
CARRETERA ALCOLEA DEL PINAR	43206	REUS	Tarragona
APARTADO DE CORREOS 1002	43200	REUS	Tarragona
CALLE PRUDENCI BERTRANA, 5	43206	REUS	Tarragona
CALLE SAGRAT COR, 61	43529	ROQUETES	Tarragona

There are 7 branches registered

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 6 members (latest change: 20/07/2006) Other Positions : 4 (latest change: 26/12/2007) Auditor : 1 (latest change: 28/09/2010) Operative Board Members : 5 (latest change: 26/04/2011) Non-current positions : 10 (latest change: 05/02/2008)		Men (100%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	MITJA MARTI, JOSE MARIA	20/07/2006
MANAGING DIRECTOR	PINTALUBA ESPORRIN, ANDRES	20/07/2006
MEMBER OF THE BOARD	PINTALUBA MITJA, ANDRES	20/07/2006

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	AUDITORES Y CONSULTORES BALANA & EGUIA SL	28/09/2010

There are 11 board members, directors and auditors registered

Functional Managers

POSITION	NAME AND SURNAME
General Manager	PINTALUBA MITJA, ANDRES
Financial Manager	CABRE, JOAQUIN
Human Resources Director	CABRE, JOAQUIN
Commercial Director	POY, JAVIER
Exports Director	DUPUY, BRIGITTE

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
ANGLOXELL S.L.	B61536926	99,99	OWN SOURCES	26/04/2011
PINTALUBA ESPORRIN ANDRES		Indef.	OWN SOURCES	26/04/2011
MITJA SASTRE MARIA GLORIA		Indef.	OWN SOURCES	26/04/2011

There are 3 direct financial links through shareholders registered

Former Shareholders

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
ANDRES PINTALUBA SA	A43030378	9,00	TRADE REG.	31/12/1999
MITJA MARTI JOSE MARIA		Indef.	TRADE REG.	31/12/1999
PINTALUBA MITJA ANDRES		Indef.	TRADE REG.	31/12/1999

Direct Participations

	BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
	POLICHEM SOCIEDAD LIMITADA	B43059633	100,00	B.O.R.M.E.	15/02/2010
	APSA LOGISTICS SOCIEDAD LIMITADA.	B43607019	100,00	OWN SOURCES	12/04/2011
	PINTALUBA IMPORTACAO E COMERCIO DE PRODUCTOS AGROPECUARIOS LTDA	BRAZIL	100,00	TRADE REG.	31/12/2009
	MATERIAS Y ACTIVIDADES SL	B80145717	100,00	OWN SOURCES	01/04/2011
	VETALMEX ADITIVOS QUIMICOS LDA	PORTUGAL	99,98	TRADE REG.	31/12/2009
	LABORATORIOS APSA SOCIEDAD LIMITADA.	B43540806	98,00	TRADE REG.	31/12/2009
	ADIVETER SOCIEDAD LIMITADA.	B43466234	75,06	OWN SOURCES	31/01/2011
	APSA LAB SOCIEDAD LIMITADA.	B43671874	75,00	TRADE REG.	31/12/2009
	APSA INTERNACIONAL SA	ARGENTINA	69,00	TRADE REG.	31/12/2009

There are 9 direct financial links through participations registered

You can obtain business information of foreign companies at the page D&B INTERNATIONAL

Company with rating inferior to 7

Former Participations

	BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
	ORREMUN S.L.(EXTINGUIDA)	B58378266	100,00	TRADE REG.	02/01/2000
	ALIMENTACION Y FARMACIA SA	A43125210	60,00	TRADE REG.	02/01/1998
	APSA TECH 2003 SOCIEDAD LIMITADA.	B43707892	56,27	TRADE REG.	25/09/2007

Company with rating inferior to 7

POTENTIAL LINKS

Search for Link by Administrator

Search Criterion: ”JOSE MARIA MITJA MARTI”

COMPANY	POSITION	PROVINCE
ANGLOXELL S.L.	Consejero	TARRAGONA

In case you need more information you can request:Board Members Monitoring

Name Search in the Internet

Search Criterion: ”ANDRES PINTALUBA SA”

URL: www.pintaluba.com

ANDRÉS PINTALUBA S.A.  Nuestros productos. Vitaminas · Colinas · Enzimas · Ácidos y sales de ácidos · Otros productos · Concentrados Protéicos · Premezclas medicamentosas ...

URL: www.pintaluba.com

Nuestra empresa - ANDRÉS PINTALUBA SA  En los 25 años de existencia de Andrés Pintaluba, S.A. la Salud y la ...

URL: www.pintaluba.com

Política de Privacidad - ANDRÉS PINTALUBA SA  ANDRÉS PINTALUBA, S.A., con domicilio social en Reus (Tarragona), Calle ...

URL: www.pintaluba.com

Productos de calidad - ANDRÉS PINTALUBA SA “Ofrecemos a nuestros clientes una amplia gama de productos” Distribuimos ...

URL: www.hotfrog.es

Andres Pintaluba S.A.  Andres Pintaluba S.A. Reus, perfil corporativo y artículos de productos.

BUSINESS INFORMATION

Constitution

Incorporation date: 19/01/1979

Origin / Foundation

Establishment date: 01/01/1979

Founder’s Name: LA TITULAR ES LA FUNDADORA INICIAL DEL NEGOCIO

Activity

Activity: Wholesale of industrial chemical products

NACE 2009 CODE: 4675

NACE 2009 Activity: Wholesale of chemical products

Business: FABRICACION, COMERCIALIZACION, REPRESENTACION DE ADITIVOS Y MATERIAS QUIMICAS PARA PIENSOS, ELABORACION, DISPENSACION, DISTRIBUCION, IMPORTACION Y EXPORTACION DE MEDICAMENTOS VETERINARIOS, PREMEZCLAS MEDICAMENTOSAS PARAN

Employees

Latest employees figure: 68 (2011)

% of fixed employees: 93,51%

% of temporary employees: 6,49%

Employees evolution

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 50%

Imports from: U.E. Y CHINA

SALES

Cash collections: 30%

Credit collections: 70%

Export Percentage: 5%

Exports to: SUDAMERICA,ORIENTE MEDIO

National Distribution: 95%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
PROGUT	YES
ODIFA	YES
MERIAL	NO
MAGNESITAS NAVARRAS SA	NO
HUL SHUNG AGRICULTURE AND FOOD	YES
PFIZER	NO
AVEBE	NO
ADM	NO
POLICHEM SL	NO
ALIFARMA SL	NO

There are 18 Suppliers

CLIENTS

BUSINESS NAME	INTERNATIONAL
POLICHEM SL	NO
ALIFARMA SL	NO
PINTALUBA IMPORTACAO	YES
MATERIAS Y ACTIVIDADES SL	NO
APSA LAB SL	NO
VETALMEX ADITIVOS QUIMICOS SA	NO
APSA TECH 2003 SL	NO
APSA LOGISTICS SL	NO
APSA INTERNACIONAL SA	NO
ADIVETER SL	NO

There are 13 Clients

Sales breakdown

• El 98,87% de su cifra de negocio corresponde a VENTA DE MERCADERIAS.

• El 1.13 de su cifra de negocio corresponde a PRESTACION DE SERVICIOS.

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANKINTER, S.A.			REUS
DEUTSCHE BANK, S.A.E.			REUS
CAJA DE AHORROS Y PENSIONES DE BARCELONA			REUS
CAJA DE AHORROS Y M.P. DE MADRID			BARCELONA

There are 4 bank entities registered

Summary of bank operations

Discount facilities: 6

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 6

Bank operations

Entity:CAJA DE AHORROS DE GALICIA Debt type:Credit policy Interest type:1.99% Expiry date: 31/07/2010	Granted limit:1.000.000,00 € Used limit:536.249,17 € Available limit:463.750,83 € Source: Filed Accounts (2009)
Entity:BANKINTER, S.A. Debt type: Discount facilities	Granted limit:1.299.000,00 € Used limit:0,00 € Available limit:1.299.000,00 € Source: Filed Accounts (2009)
Entity:DEUTSCHE BANK, S.A.E. Debt type: Discount facilities	Granted limit:1.500.000,00 € Used limit:0,00 € Available limit:1.500.000,00 € Source: Filed Accounts (2009)
Entity:CAJA DE AHORROS DE GALICIA Debt type: Discount facilities	Granted limit:1.500.000,00 € Used limit:652.759,16 € Available limit:847.240,84 € Source: Filed Accounts (2009)
Entity:BANCO SANTANDER, S.A. Debt type: Discount facilities	Granted limit:1.600.000,00 € Used limit:837.439,12 € Available limit:762.560,88 € Source: Filed Accounts (2009)

There are 13 bank operations registered

Leasing

Figures given in €

ENTITY	ASSERTS INVOLVED IN THE ACTIVITY	UP TO 1 YEAR	FROM 1 TO 5 YEARS
	Máquina paletizadora, máquina dosificadora, 2 mezcladores granuladores, instalaciones penicicli. y elemento de transporte.	297.894,08	420.105,18

There are 1 leasing operations registered

Grants

Body-entity: MINISTERIO DE CIENCIA Y TECNOLOGIA Grant type: Projects development or business enlargement or improvement Granting year: 2002	Nominal amount: 60.000,00 € Source: Filed Accounts (2009)
Body-entity: DIRECCION GENERAL DE TESORO Grant type: Projects development or business enlargement or improvement Granting year: 2007	Nominal amount: 30.000,00 € Source: Filed Accounts (2009)

There are 2 grants registered

Brands

Brand name: APSASOL (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 02/08/2010

Brand name: ENDOFEED (Valid)

Type: DENOMINATIVE    Scope: COMMUNITARY    Date: 30/07/2008

Brand name: AMYLOFEED (Valid)

Type: DENOMINATIVE    Scope: COMMUNITARY    Date: 30/07/2008

Brand name: SALMOCID F (Valid)

Type: DENOMINATIVE    Scope: INTERNATIONAL    Date: 25/09/2003

Brand name: SALMOCID (Valid)

Type: DENOMINATIVE    Scope: INTERNATIONAL    Date: 25/09/2003

There are 22 brands, signs and commercial names

LEGAL STRUCTURE

Constitution Data

Register Date: 19/01/1979

Current structure data

Legal form: Joint-stock Company

Social Capital: 6.000.000,00 €

Paid-up capital: 6.000.000,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2009)

B.O.R.M.E.

(OFFICIAL COMPANIES REGISTRY GAZETTE)

Summary

  Acts on activity: 1 (Last: 11/11/1991)

  Acts on administrators: 44 (Last: 28/09/2010, first: 23/04/1991)

  Acts on capital: 5 (Last: 17/11/1999, first: 11/11/1991)

  Acts on creation: 0

  Acts on filed accounts: 33 (Last: 27/12/2010, first: 30/09/1991)

  Acts on identification: 0

  Acts on Information: 6 (Last: 04/05/1999, first: 11/11/1991)

  Acts on proceedings: 2 (Last: 23/03/2000, first: 12/01/2000)

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Re-elections	28/09/2010	365082	Tarragona
Re-elections	05/03/2009	115068	Tarragona
Re-elections	05/02/2008	59704	Tarragona
Appointments	05/02/2008	59703	Tarragona
Appointments	26/12/2007	641693	Tarragona
Appointments	16/01/2007	27346	Tarragona
Officially cancelling of an appointment	16/01/2007	27346	Tarragona
Appointments	20/07/2006	374453	Tarragona

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2009) consolidated	27/12/2010	1180515	Tarragona
Annual Filed Accounts (2009)	08/10/2010	785035	Tarragona
Annual Filed Accounts (2008)	05/11/2009	810840	Tarragona

There are 91 acts registered

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 1 (Last: 24/09/2006)

Informative data: 1 (Last: 19/03/2010)

Financial Information: 0

Negative information: 0

Business lines: 0

Historical press releases: 3 (Last: 09/09/2001, first: 22/11/1999)

Latest press article published

19/03/2010 DIARI DE TARRAGONA - AGREEMENTS BETWEEN COMPANIES

ANDRES PINTALUBA SA, BIG DRUM IBERICA SA, BIOIBERICA SA, BIOCENTURY SLU, BORGES SA, BRUDY TECNOLOGY SL, CAMARA ARROSSERA DEL MONTSIA SCCL, COMERCIAL AGROALIMENTARIA SL, COSTA CONCENTRADOS LEVANTINOS SA, CENTRE TECNOLOGIC DE NUTRICIO I SALUT, INDUSTRIAL TECNICA PECUARIA SA, INDUSTRIAS RODRIGUEZ SA, LA MORELLA NUTS SA, LABORATORIOS ORDESA SL, LABORATORIOS VIDAL, SL, NATUREX INGREDIENTS SPAIN SL, SHIROTA FUNCTIONAL FOODS SL, TECNOPARC SA, UNIO CORPORACIO ALIMENTARIA SCCL, UNIVERSITAT ROVIRA I VIRGILI Y VIDRERRES LLET SL, FORMALIZARON EL 19/3/10 LA CONSTITUCION DE UNA AGRUPACION EMPRESARIAL INNOVADORA (AEI) SOBRE NUTRICION Y SALUD. 

24/09/2006 DIARI DE TARRAGONA - SHAREHOLDERS AND HOLDINGS

ANDREU PINTALUBA (APSA), EMPRESA DE ALIMENTACION Y SALUD ANIMAL, HA REALIZADO 2 ADQUISICIONES EN EL ULTIMO AÑO Y MEDIO PARA AFRONTAR LA CAIDA DE MARGENES. LA CIA. ADQUIRIO LABORATORIOS POLICHEM EN ABRIL DE 2005, CON EL OBJETIVO DE REFORZAR SU CARTERA DE PRODUCTOS PARA EL MERCADO VETERINARIO. POLICHEM, CON UNA PLANTILLA DE 20 TRABAJADORES, TIENE UNA CIFRA DE NEGOCIO ANUAL DE 5 MM. DE EUROS. ASIMISMO, EN JUNIO DE 2006 SE HIZO CON LA CIA. MADRILEÑA MYA, ESPECIALIZADA EN REGISTROS DE ENZIMAS QUE SE UTILIZAN COMO ADITIVOS PARA ANIMALES, CON UNA FACTURACION DE 3 MM. DE EUROS. LA MATRIZ DEL GRUPO APSA, ANDREU PINTALUBA, FACTURO 74 MM. EN 2005 Y PARA 2006 PREVE 82 MM. 

09/09/2001 LA VANGUARDIA - FINANCIAL DATA

ESTA CIA. FACTURA ACTUALMENTE 12.476 MM. DE PTAS. Y CUENTA CON 5 EMPRESAS QUE SE DEDICAN, APARTE DE A LA COMERCIALIZACION, A LA ELABORACION DE PRODUCTOS DE SALUD PARA LOS ANIMALES Y AL NEGOCIO LOGISTICO. PINTALUBA SE ENCUENTRA CONSTRUYENDO UN LABORATORIO JUNTO AL QUE YA TIENE EN REUS. LAS OBRAS FINALIZARAN EN EL PLAZO DE UN AÑO Y REQUERIRAN UNA INVERSION DE 400 MM. DE PTAS. ACTUALMENTE, EL 25% DE LA FACTURACION CORRESPONDE A LA FABRICACION PROPIA CON LICENCIAS DE ADITIVOS Y REMEZCLAS, Y EL RESTO A LA COMERCIALIZACION DE PRODUCTOS DE TERCEROS. LA CIA. APENAS EXPORTA SU PRODUCCION Y SE CONCENTRA EN EL MERCADO ESPAÑOL Y PORTUGUES. 

15/01/2001 TRANSPORTE XXI - AGREEMENTS BETWEEN COMPANIES

L CIA. ANDRES PINTALUBA HA FIRMADO UN ACUERDO RECIENTEMENTE CON MIEBACH LOGISTICA PARA LA REALIZACION DE UNA AUDITORIA LOGISTICA DE SU CENTRO DE DISTRIBUCION DE REUS. EL ACUERDO INCLUYE LA DEFINICION DE UN NUEVO CONCEPTO ORGANIZATIVO Y DETALLE DE INSTALACIONES EN LA AMPLIACION DE SU ALMACEN. 

22/11/1999 EL PERIÓDICO DE CATALUNYA - LEGAL ANNOUNCEMENTS

LAS JUNTA GENERALES UNIVERSALES DE ACCIONISTAS DE ANDRES PINTALUBA, SA. (SOCIEDAD ESCINDIDA) Y DE ANGLOXELL INMOBILIARIA, SL. SDAD. UNIPERSONAL (SOCIEDAD BENEFICIARIA), CELEBRADAS EL 17/11/99, ACORDARON LA ESCISION PARCIAL DE LA PRIMERA. 

There are 5 press articles registered for this company

Complementary Information

Activity

Comercio al por mayor de productos aditivos de alimentos de animales.

Other Complementary Information

Tiene sucursales en Argentina y Portugal.

FINANCIAL INFORMATION

The information on the last account contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 25/10/2010.

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

This theoretical conversion exercise has been carried out from the financial statements contained in the accounting information presented on the Trade Register, and elaborated under the accounting norms and principles collected in PGC90 derived from RD 1643/1990, not taking into account any other type of information; for this reason the conversion exercise could include certain inaccuracies.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
A) NON CURRENT ASSETS	12.956.631,97	22,96	13.002.227,30	21,96	12.765.262,87	23,86
I. Intangible assets	2.081.411,03	3,69	1.666.768,48	2,82	2.535.320,97	4,74
2. Concessions	190.808,74	0,34	331.349,43	0,56
5. Software	17.778,75	0,03	1.545,36	0,00
7. Other intangible assets	1.872.823,54	3,32	1.333.873,69	2,25
II. Tangible fixed assets	5.658.010,89	10,02	6.141.598,96	10,38	5.283.588,18	9,88
1. Property, plant and equipment	1.378.774,21	2,44	1.455.295,76	2,46
2. Technical fittings and other tangible assets	3.978.812,87	7,05	4.413.007,01	7,45
3. Fixed assets in progress and advances	300.423,81	0,53	273.296,19	0,46
III. Real-estate investments
IV. Long term investments in associated and affiliated companies	4.933.423,29	8,74	4.960.962,29	8,38	4.886.722,02	9,13
1. Net worth instruments	4.287.908,45	7,60	4.575.447,45	7,73	4.641.207,18	8,68
2. Credits to companies	645.514,84	1,14	385.514,84	0,65	245.514,84	0,46
V. Long Term Financial Investments	283.786,76	0,50	232.897,57	0,39	59.631,70	0,11
1. Net worth instruments	224.451,33	0,40	173.562,14	0,29
5. Other financial assets	59.335,43	0,11	59.335,43	0,10	59.631,70	0,11
VI. Assets by deferred taxes
VII. Non current commercial debts
B) CURRENT ASSETS	43.484.627,59	77,04	46.193.440,25	78,04	40.731.879,05	76,14
I. Non-current assets maintained for sale
II. Stocks	7.537.439,75	13,35	9.399.197,89	15,88	9.419.303,14	17,61
1. Goods available for sale	6.388.094,94	11,32	8.499.675,50	14,36
2. Raw material inventory	133.186,29	0,24	162.342,05	0,27
3. Work in Progress	7.039,21	0,01	3.626,28	0,01
b) Short production cycle	7.039,21	0,01	3.626,28	0,01
4. Finished goods	1.009.119,31	1,79	733.554,06	1,24
b) Short production cycle	1.009.119,31	1,79	733.554,06	1,24
III. Trade Debtors and other receivable accounts	32.748.343,92	58,02	35.096.001,71	59,29	28.978.552,79	54,17
1. Clients	27.119.478,07	48,05	27.636.033,57	46,69	22.427.101,66	41,92
b) Clients for sales and short term services rendering	27.119.478,07	48,05	27.636.033,57	46,69
2. Clients group and associated companies	5.164.831,43	9,15	7.114.030,42	12,02	5.902.589,59	11,03
3. Other debts	274.388,45	0,49	127.008,30	0,21	174.036,36	0,33
4. Staff	53.343,36	0,09	82.626,81	0,14	96.304,58	0,18
6. Other credits with the Public Administrations	136.302,61	0,24	136.302,61	0,23	378.520,60	0,71
IV. Short term investments in associated and affiliated companies			344.391,61	0,58	131.107,46	0,25
1. Net worth instruments			344.391,61	0,58
2. Credits to companies					131.107,46	0,25
V. Short term financial investments	2.335.387,43	4,14			1.166.923,15	2,18
1. Net worth instruments					91.271,30	0,17
2. Credits to companies					1.000.000,00	1,87
5. Other financial assets	2.335.387,43	4,14			75.651,85	0,14
VI. Short term periodifications	53.303,80	0,09	13.804,27	0,02	36.295,92	0,07
VII. Cash and equivalents	810.152,69	1,44	1.340.044,77	2,26	999.696,59	1,87
1. Treasury	810.152,69	1,44	1.340.044,77	2,26	999.696,59	1,87
TOTAL ASSETS (A + B)	56.441.259,56	100,00	59.195.667,55	100,00	53.497.141,92	100,00

Alerts associated to the conversion to PGC2007

 In the conversion process the amount of goods obtained through leasing, that under PGC90 reaches %1 of the expenses, has been maintained in the item “Intangible Assets”, as it is not possible to estimate in a precise way its accumulated amortization, as, according to they nature, they should be registered in the Tangible Assets.

 The valuation norms applicable to financial instruments has changed substantially and, for this reason the conversion of financial statements from PGC90 to PGC2007 could include notable inaccuracy.

 In the conversion process there has been estimated that the total item 143070 “Provisions on debtors” according to PGC90, for %1, is associated to “Clients for sales and services rendering”.

Net Worth and Liabilities

Figures given in €

	31/12/2009 (12)	% ASSETS	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
A) NET WORTH	22.095.162,22	39,15	20.811.018,30	35,16	17.591.191,42	32,88
A-1) Equity	21.682.218,63	38,42	20.386.166,69	34,44	17.185.233,60	32,12
I. Capital	6.000.000,00	10,63	6.000.000,00	10,14	6.000.000,00	11,22
1. Authorized capital	6.000.000,00	10,63	6.000.000,00	10,14	6.000.000,00	11,22
II. Issue premium
III. Reserves	13.386.166,69	23,72	11.185.233,60	18,90	8.920.067,56	16,67
1. Legal and statutory	1.200.000,00	2,13	1.200.000,00	2,03	1.200.000,00	2,24
2. Other funds	12.186.166,69	21,59	9.985.233,60	16,87	7.720.067,56	14,43
IV. (Net worth own shares and participations)
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	2.296.051,94	4,07	3.200.933,09	5,41	2.265.166,04	4,23
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments	94.324,10	0,17	58.701,66	0,10
I. Financial assets available for sale	94.324,10	0,17	58.701,66	0,10
II. Coverage operations
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions	318.619,49	0,56	366.149,95	0,62	405.957,82	0,76
B) NON CURRENT LIABILITIES	4.504.102,88	7,98	5.811.589,12	9,82	6.344.991,40	11,86
I. Long term provisions	308.819,94	0,55	268.283,14	0,45	268.283,14	0,50
1. Long term staff benefits obligations	40.536,80	0,07
4. Other provisions	268.283,14	0,48	268.283,14	0,45	268.283,14	0,50
II. Long term debts	3.182.402,76	5,64	4.142.739,85	7,00	4.302.726,34	8,04
2. Debts with bank entities	2.257.761,11	4,00	2.937.341,50	4,96	2.462.885,12	4,60
3. Financial leasing creditors	381.754,43	0,68	667.470,25	1,13	864.703,36	1,62
5. Other financial liabilities	542.887,22	0,96	537.928,10	0,91	975.137,86	1,82
III. Long term debts with associated and affiliated companies	800.000,00	1,42	1.200.000,00	2,03	1.600.000,00	2,99
IV. Liabilities by deferred taxes	212.880,18	0,38	200.566,13	0,34	173.981,92	0,33
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	29.841.994,46	52,87	32.573.060,13	55,03	29.560.959,10	55,26
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	9.105.051,70	16,13	10.795.605,91	18,24	10.323.792,84	19,30
2. Debts with bank entities	8.711.963,19	15,44	10.349.843,73	17,48	10.067.241,84	18,82
3. Financial leasing creditors	309.721,08	0,55	309.721,08	0,52	256.551,00	0,48
5. Other financial liabilities	83.367,43	0,15	136.041,10	0,23
IV. Short term debts with associated and affiliated companies	475.797,79	0,84	914.633,81	1,55
V. Trade creditors and other payable accounts	19.040.514,71	33,74	19.839.007,83	33,51	19.002.979,91	35,52
1. Suppliers	15.369.971,03	27,23	16.422.142,69	27,74	17.524.868,47	32,76
b) Short term suppliers	15.369.971,03	27,23	16.422.142,69	27,74
2. Suppliers group and associated companies	1.532.674,36	2,72	1.342.929,31	2,27	1.079.353,44	2,02
3. Different creditors	1.633.571,39	2,89	1.555.468,51	2,63
4. Staff (pending remunerations)	300.707,59	0,53	265.625,54	0,45	223.077,89	0,42
6. Other debts with Public Administrations	203.590,34	0,36	252.089,33	0,43	175.680,11	0,33
7. Clients pre-payments			752,45	0,00
VI. Short term periodifications	1.220.630,26	2,16	1.023.812,58	1,73	234.186,35	0,44
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	56.441.259,56	100,00	59.195.667,55	100,00	53.497.141,92	100,00

Alerts associated to the conversion to PGC2007

 The valuation norms applicable to “Subventions” has changed substantially and, for this reason the conversion of financial statements of the current exercise to PGC2007 could include notable inaccuracy. The company maintained in the exercise a formulation of the accounts and in the following “Subventions” for %1 and %2 euros, respectively, presented in the subsequent exercise, under PGC2007, net of its fiscal effects.

 In the conversion process there has been made the assumption that the creditors balance with the group and associated companies have a financial and not commercial character.

 In the conversion process there has been made the assumption that the creditors balance with the group and associated companies have a commercial and not financial character.

 In the conversion process it has not been possible to breakdown the composition of liabilities originated by debts with the public administrations; for this reason the mentioned amounts are presented fully aggregated in the item “other debts with the public administrations”

PROFIT AND LOSS ACCOUNT

Figures given in €

	31/12/2009 (12)	%OPERATING INCOME	31/12/2008 (12)	%OPERATING INCOME	31/12/2007 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	102.839.573,43	99,27	105.408.992,22	99,29	91.436.681,49	98,98
A) Sales	101.133.605,24	97,63	103.958.794,75	97,93	90.320.738,39	97,77
b) Services provided	1.705.968,19	1,65	1.450.197,47	1,37	1.115.943,10	1,21
2. Variation in stocks of finished goods and work in progress	82.144,60	0,08	-540.976,84	-0,51	31.205,33	0,03
3. Works for its own assets
4. Supplies	-87.515.297,39	-84,48	-89.119.290,32	-83,95	-78.774.820,68	-85,27
a) Material consumed	-85.483.148,14	-82,52	-86.742.111,81	-81,71	-76.336.587,96	-82,63
b) Raw materials consumed	-2.236.358,86	-2,16	-2.272.762,14	-2,14	-2.177.620,92	-2,36
c) Works carried out for other companies	-110.314,12	-0,11	-104.416,37	-0,10	-102.658,48	-0,11
d) Deterioration on merchandises, raw materials and other supplies	314.523,73	0,30			-157.953,32	-0,17
5. Other operating income	751.979,13	0,73	752.003,88	0,71	942.893,54	1,02
a) Other incomes	732.029,13	0,71	732.053,88	0,69	735.834,80	0,80
b) Operating grants included in the exercise result	19.950,00	0,02	19.950,00	0,02	207.058,74	0,22
6. Labour cost	-3.375.730,59	-3,26	-3.363.616,26	-3,17	-2.946.433,42	-3,19
a) Wages and similar expenses	-2.677.688,11	-2,58	-2.673.904,82	-2,52
b) Social costs	-698.042,48	-0,67	-689.711,44	-0,65
7. Other operating costs	-8.842.444,99	-8,54	-7.978.876,21	-7,52	-6.930.367,03	-7,50
a) External services	-8.429.543,84	-8,14	-7.153.144,87	-6,74	-6.559.002,33	-7,10
b) Taxes	-41.956,45	-0,04	-37.609,54	-0,04	-49.023,48	-0,05
c) Losses, deterioration and variation on business operations provisions	-325.148,05	-0,31	-754.796,85	-0,71	-268.187,93	-0,29
d) Other day to day expenses	-45.796,65	-0,04	-33.324,95	-0,03	-54.153,29	-0,06
8. Amortization of fixed assets	-1.002.863,38	-0,97	-1.085.560,87	-1,02	-969.318,53	-1,05
9. Allocation of subventions on non financial investments and other	171.734,96	0,17	120.000,00	0,11
10. Provisions excess
11. Deterioration and result for fixed assets disposal	224.888,18	0,22	34.994,30	0,03	8.547,54	0,01
b) Results for disposals and others	224.888,18	0,22	34.994,30	0,03	8.547,54	0,01
12. Negative difference of business combinations
13. Other results
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	3.333.983,95	3,22	4.227.669,90	3,98	2.798.388,24	3,03
14. Financial income	390.443,04	0,38	323.365,69	0,30	733.335,27	0,79
a) From net worth instruments participations	348.000,00	0,34	250.000,00	0,24	437.653,85	0,47
a 1) On group and associated companies	348.000,00	0,34	250.000,00	0,24	437.653,85	0,47
b) From negotiable values and other financial instruments	42.443,04	0,04	73.365,69	0,07	295.681,42	0,32
b 1) From group and associated companies					43.295,13	0,05
b 2) From third parties	42.443,04	0,04	73.365,69	0,07	252.386,29	0,27
15. Financial expenses	-443.971,32	-0,43	-850.532,13	-0,80	-615.094,95	-0,67
b) For debts with third parties	-443.971,32	-0,43	-850.532,13	-0,80	-615.094,95	-0,67
16. Reasonable value variation on financial instruments
17. Exchange differences	-144.488,30	-0,14	140.837,60	0,13	-349.745,91	-0,38
18. Deterioration and result for disposal of financial instruments			-129.919,15	-0,12
a) Deteriorations and losses			-129.919,15	-0,12
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-198.016,58	-0,19	-516.247,99	-0,49	-231.505,59	-0,25
A.3) RESULT BEFORE TAXES (A.1 + A.2)	3.135.967,37	3,03	3.711.421,91	3,50	2.566.882,65	2,78
20. Taxes on profits	-839.915,43	-0,81	-510.488,82	-0,48	-301.716,61	-0,33
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	2.296.051,94	2,22	3.200.933,09	3,02	2.265.166,04	2,45
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	2.296.051,94	2,22	3.200.933,09	3,02	2.265.166,04	2,45

Alerts associated to the conversion to PGC2007

 Valuation norms applicable to Financial instruments collected in PGC2007 present notable changes with respect to PGC90. As a consequence, the conversion of the financial statements of the accounts to PGC2007, carried out considering mainly classification changes in the accounts might contain certain inaccuracies.

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	31/12/2009 (12)	31/12/2008 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	2.296.051,94	3.200.933,09
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments	50.889,19	58.701,66
1. Financial assets available for sale	50.889,19	58.701,66
II. Cash flow coverage
III. Received legacies, grants and subventions	124.204,50
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect	-15.266,76
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)	159.826,93	58.701,66
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions	-171.734,96
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)	-171.734,96
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	2.284.143,91	3.259.634,75

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	RESERVES	EXERCISE RESULT	VALUE CHANGES ADJUSTMENT
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	6.000.000,00	8.920.067,56	2.265.166,06
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	6.000.000,00	8.920.067,56	2.265.166,06
I. Total recognized income and expenses			3.200.933,09	58.701,66
II. Operations with partners or owners
III. Other net worth variations		2.265.166,04	-2.265.166,06
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	6.000.000,00	11.185.233,60	3.200.933,09	58.701,66
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	6.000.000,00	11.185.233,60	3.200.933,09	58.701,66
I. Total recognized income and expenses			2.296.051,94	35.622,43
II. Operations with partners or owners		-1.000.000,00
4. (-) Dividends distribution		-1.000.000,00
III. Other net worth variations		3.200.933,09	-3.200.933,09
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	6.000.000,00	13.386.166,69	2.296.051,94	94.324,09
NET WORTH CHANGES ( 3 /3)	RECEIVED LEGACIES, GRANTS AND SUBVENTIONS	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2007)	579.939,74	17.765.173,36
I. Adjustments by change of criteria in the exercise (2007)
II. Adjustments by errors in the exercise (2007)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2008)	579.939,74	17.765.173,36
I. Total recognized income and expenses	-188.724,79	3.070.909,96
II. Operations with partners or owners
III. Other net worth variations	-25.065,00	-25.065,02
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	366.149,95	20.811.018,30
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	366.149,95	20.811.018,30
I. Total recognized income and expenses	-47.530,46	2.284.143,91
II. Operations with partners or owners		-1.000.000,00
4. (-) Dividends distribution		-1.000.000,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	318.619,49	22.095.162,21

CASH FLOW STATUS

Figures given in €

	31/12/2009 (12)	31/12/2008 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	3.135.967,37	3.711.421,91
2. Results adjustments	472.521,55	2.451.351,43
a) Amortization of fixed assets (+)	1.002.863,38	1.085.560,87
b) Value correction for deterioration (+/-)	-227.783,77	1.018.683,42
c) Change of Provisions (+/-)	40.536,80
d) Grants allocation (-)	-171.734,96	-145.065,00
e) Results for decline and disposal of fixed assets (+/-)	-224.888,18	-34.994,30
g) Financial income (-)	-390.443,04	-323.365,69
f) Financial expenses (+)	443.971,32	850.532,13
3. Changes in current capital	-1.167.229,43	-3.489.878,22
a) Stocks (+/-)	2.175.529,42	-114.218,10
b) Debtors and other receivable accounts (+/-)	2.260.917,83	-6.877.327,84
c) Other current assets (+/-)	-1.990.995,82	953.639,00
d) Creditors and other payable accounts (+/-)	-1.483.290,63	2.613.501,32
e) Other current liabilities (+/-)	-2.129.390,23	-65.472,60
4. Other cash flow coming from operating activities	-53.528,28	-527.166,44
a) Interests payments (-)	-443.971,32	-850.532,13
c) Interests collections (+)	390.443,04	323.365,69
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	2.387.731,21	2.145.728,68
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-976.029,68	-1.407.982,70
b) Intangible assets	-565.084,85	-609.942,48
c) Tangible assets	-410.944,83	-504.474,45
e) Other financial assets		-293.565,77
7. Disinvestment collections (+)	294.539,00	74.392,07
a) Group and associated companies	27.539,00
c) Tangible assets	267.000,00	74.392,07
8. Cash Flow in investment activities (6 + 7)	-681.490,68	-1.333.590,63
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments	124.204,50	88.196,62
e) Received legacies, grants and subventions (+)	124.204,50	88.196,62
10. Financial liabilities instruments collections and payments	-1.360.337,09	-559.986,49
b) Return and amortization of	-1.360.337,09	-559.986,49
5. Other debts (-)	-1.360.337,09	-559.986,49
11. Payments for dividends and remunerations of other net worth instruments	-1.000.000,00
a) Dividends (-)	-1.000.000,00
12. Cash Flow in financing activities (9 + 10 + 11)	-2.236.132,59	-471.789,87
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	-529.892,06	340.348,18
Cash or equivalents at the beginning of the exercise	1.340.044,77	999.696,59
Cash or equivalents at the end of the exercise	810.152,69	1.340.044,77

RATIOS

	31/12/2009 (12)	CHANGE %	31/12/2008 (12)	CHANGE %	31/12/2007 (12)
BALANCE RATIOS
Working Capital (€)	13.642.633,13	0,16	13.620.380,12	21,93	11.170.919,95
Working capital ratio	0,24	4,35	0,23	9,52	0,21
Soundness Ratio	1,67	6,37	1,57	16,30	1,35
Average Collection Period (days)	114	-4,50	120	5,05	114
Average Payment Period (days)	73	-5,14	77	-3,60	80
LIQUIDITY RATIOS
Current Ratio (%)	145,72	2,75	141,82	2,92	137,79
Quick Ratio (%)	10,54	156,45	4,11	-43,93	7,33
DEBT RATIOS
Borrowing percentage (%)	24,03	-16,59	28,81	-5,01	30,33
External Financing Average Cost	0,03	-40,00	0,05	25,00	0,04
Debt Service Coverage	5,68	-28,55	7,95	58,37	5,02
Interest Coverage	7,51	51,11	4,97	9,23	4,55
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,32	13,73	2,04	-42,37	3,54
Auto financing generated by Assets (%)	4,23	16,53	3,62	-40,00	6,05
Breakdown Point	1,03	-0,96	1,04	0,97	1,03
Average Sales Volume per Employee	1.335.578,88	-1,13	1.350.877,77	7,85	1.252.557,28
Average Cost per Employee	43.840,66	1,70	43.106,71	6,80	40.362,10
Assets Turnover	1,82	2,25	1,78	4,09	1,71
Inventory Turnover (days)	31	-18,10	38	-12,50	43
RESULTS RATIOS
Return on Assets (ROA) (%)	5,91	-17,23	7,14	36,52	5,23
Operating Profitability (%)	8,08	-10,62	9,04	28,05	7,06
Return on Equity (ROE) (%)	14,46	-20,59	18,21	21,89	14,94

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2009)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	22,96	37,27	-14,32
A) CURRENT ASSETS	77,04	62,73	14,32
LIABILITIES
A) NET WORTH	39,15	37,86	1,29
B) NON CURRENT LIABILITIES	7,98	14,71	-6,73
C) CURRENT LIABILITIES	52,87	47,43	5,45

Analytical Account of Results

Figures given in  %

	COMPANY (2009)	SECTOR	DIFFERENCE
Net Turnover	99,27	98,58	0,69
Other operating income	0,73	1,42	-0,69
OPERATING INCOME	100,00	100,00	0,00
Supplies	-84,48	-80,43	-4,05
Variation in stocks of finished goods and work in progress	0,08	0,19	-0,11
GROSS MARGIN	15,60	19,76	-4,16
Other operating costs	-8,54	-9,44	0,90
Labour cost	-3,26	-5,59	2,33
GROSS OPERATING RESULT	3,80	4,73	-0,93
Amortization of fixed assets	-0,97	-0,98	0,01
Deterioration and result for fixed assets disposal	0,22	0,17	0,05
Other expenses / income	0,17
NET OPERATING RESULT	3,22	3,93	-0,71
Financial result	-0,19	-0,75	0,56
RESULT BEFORE TAX	3,03	3,18	-0,16
Taxes on profits	-0,81	-0,84	0,03
RESULT COMING FROM CONTINUED OPERATIONS	2,22
NET RESULT	2,22	2,34	-0,12

Main Ratios

	COMPANY (2009)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	13.642.633,13	1.099.646,63	8.207.300,99	15.082.700,00
Working capital ratio	0,24	0,03	0,22	0,28
Soundness Ratio	1,67	0,74	1,40	2,82
Average Collection Period (days)	114	98	109	126
Average Payment Period (days)	73	26	50	67
LIQUIDITY RATIOS
Current Ratio (%)	145,72	1,05	1,38	1,59
Quick Ratio (%)	10,54	0,01	0,04	0,12
DEBT RATIOS
Borrowing percentage (%)	24,03	26,27	39,89	49,97
External Financing Average Cost	0,03	0,03	0,04	0,07
Debt Service Coverage	5,68	2,74	9,96	17,62
Interest Coverage	7,51	1,15	2,25	4,36
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	2,32	1,37	2,32	6,54
Auto financing generated by Assets (%)	4,23	2,15	4,64	5,76
Breakdown Point	1,03	1,02	1,03	1,05
Average Sales Volume per Employee	1.335.578,88	616.786,67	1.206.475,55	1.856.675,00
Average Cost per Employee	43.840,66	42.017,53	49.579,83	60.740,00
Assets Turnover	1,82	1,25	1,70	2,18
Inventory Turnover (days)	31	30	43	81
RESULTS RATIOS
Return on Assets (ROA) (%)	5,91	2,84	4,88	7,39
Operating Profitability (%)	8,08	3,86	6,24	9,14
Return on Equity (ROE) (%)	14,46	6,33	16,45	25,22

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.73.46
Euro	1	Rs.64.58

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%)

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