MIRA INFORM REPORT

Report Date :

11.04.2014

IDENTIFICATION DETAILS

Name :	ELECTRO JET SA

Registered Office :	Ctra.De Vic A Manlleu, Km I, 5 Edif. & Apos;el Tint&Apos;. Gurb Barcelona 08503

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	31.12.1986

Legal Form :	Public Limited Company

Line of Business :	Manufacture of machinery for textile, apparel and leather production

No. of Employees :	40

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors

Source : CIA

EXECUTIVE SUMMARY

Name:

ELECTRO JET SA

NIF / Fiscal code:

A58289141

Trade Name

ELECTRO JET

Status:

ACTIVE

Incorporation Date:

31/12/1986

Register Data

Last Publication in BORME:

22/02/2012 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

120.200

Localization:

C/ CTRA.DE VIC A MANLLEU, KM I,5 EDIF.'EL TINT'. - GURB - 08503 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 938816341 Email. info.jet@electro-jet.com

Activity

NACE:

2894 - Manufacture of machinery for textile, apparel and leather production

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

11 for a total cost of 282792.47000000003

Quality Certificate:

Rating and Risk:

Strong capacity to meet its credit obligations. However, this rating may deteriorate in the event of moderately adverse changes in the financial environment.

Default Risk:

2.2%

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

ESTER ROVIRA LATORRE

5 %

JOAN ROVIRA TRIAS

45 %

MIREIA ROVIRA CAMPDELACREU

50 %

INVESTIGATION SUMMARY

The subject was founded in Barcelona in 1986 and it is engaged in design, manufacturing and marketing of textile machinery. Annual sales decreased a 34% during 2012 and its business results also decreased more than the 50% in the same period of time. The subject operates with a very favorable working capital, fully covering the guarantees of its current creditors, and thus the subject can meet its payment commitments in the short term. Its financial structure allows it to use a major part of its equity to finance its current assets, which perfectly cover its fixed assets.

Identification

Social Denomination:

ELECTRO JET SA

Trade Name:

ELECTRO JET

NIF / Fiscal code:

A58289141

Corporate Status:

ACTIVE

Start of activity:

1974

Registered Office:

C/ CTRA.DE VIC A MANLLEU, KM I,5 EDIF.'EL TINT'.

Locality:

GURB

Province:

BARCELONA

Postal Code:

08503

Telephone:

938816341

Fax:

938892572

Email:

info.jet@electro-jet.com

Activity

NACE:

2894

Additional Information:

Its trade name is Electro Jet. The subject is engaged in design, manufacturing and marketing of textile machinery.

Additional Address:

Registered office, administrative offices, factory, warehouse and other premises, in 25.000 m2 of surface, all owned by the subject, are located in Ctra Vic-Manlleu km 1,5. Edifici El Tint, 08503 Gurb (Barcelona).

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

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

1992

Accounts deposit (ejer. 1991) Appointments/ Re-elections (1)

1993

Accounts deposit (ejer. 1992) Appointments/ Re-elections (1)

1995

Accounts deposit (ejer. 1993, 1994)

1996

Accounts deposit (ejer. 1995) Statutory Modifications (1)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (2)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Change of Social address (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2)

2003

Accounts deposit (ejer. 2002) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (ejer. 2003)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (1)

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (1)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009) Termination (1)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Statutory Modifications (1)

2013

Accounts deposit (ejer. 2012)

Breakdown of Owners' Equity

Registered Capital:

120.200

Paid up capital:

120.200

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

ADMINISTRATOR

ROVIRA TRIAS JOSE

11/03/1992

ROVIRA TRIAS JUAN

11/03/1992

JOINT MANAGER

ROVIRA CAMPDELACREU MIREIA

18/01/2012

ROVIRA LATORRE ESTER

18/01/2012

ACCOUNTS' AUDITOR / HOLDER

PACCIOLI AUDITORS SL

13/02/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

E AND M ECONOMISTAS ASOCIADOS SCP

ACCOUNTS' AUDITOR / HOLDER

16/02/2000

ACCOUNTS' AUDITOR / HOLDER

03/02/2001

ACCOUNTS' AUDITOR / HOLDER

19/03/2002

EM ECONOMISTAS ASOCIADOS SCP

ACCOUNTS' AUDITOR / HOLDER

14/03/1998

ACCOUNTS' AUDITOR / HOLDER

02/02/1999

OFASEM SOCIEDAD CIVIL DE AUDITORES

ACCOUNTS' AUDITOR / HOLDER

08/02/1993

ACCOUNTS' AUDITOR / HOLDER

11/03/1997

PACCIOLI AUDITORS SL

ACCOUNTS' AUDITOR / HOLDER

10/04/2008

ACCOUNTS' AUDITOR / HOLDER

04/02/2009

ACCOUNTS' AUDITOR / HOLDER

13/02/2012

RIVERO Y ASOCIADOS SL

ACCOUNTS' AUDITOR / HOLDER

09/02/2005

ROVIRA CAMPDELACREU MIREIA

JOINT MANAGER

18/01/2012

ADMINISTRATOR

13/02/1997

ADMINISTRATOR

19/03/2002

ADMINISTRATOR

23/02/2007

ROVIRA LATORRE ESTHER

ADMINISTRATOR

23/02/2007

JOINT MANAGER

18/01/2012

ROVIRA TRIAS JOAN

ADMINISTRATOR

23/02/2007

JOINT MANAGER

18/01/2012

ADMINISTRATOR

19/03/2002

ROVIRA TRIAS JOSEP

ADMINISTRATOR

19/03/2002

ADMINISTRATOR

21/07/2003

Executive board

Post

NIF

Name

ADMINISTRATOR

ESTER ROVIRA LATORRE

ADMINISTRATOR

JOSE ROVIRA TRIAS

ADMINISTRATOR

JUAN ROVIRA TRIAS

ADMINISTRATOR

MIREIA ROVIRA CAMPDELACREU

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

---

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

It has been found to have regular payment performance and has paid all of its debts in a timely manner.

Positive Working Capital. Its Working Capital quality is significant, i.e. much of its 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.

ROE amplifying effect. Total Economic Rate of Return in 2012 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost.

It has a low level of indebtedness with credit institutions and, therefore, no imperative enforcement in debt repayment.

Productivity decrease. Its salaried staff productivity has decreased with respect to the previous fiscal year.

During 2012 the company renewed its customer portfolio 3.44 times. This reflects an approximate average payment collection term of 120 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

The company's evolution has led to staff reduction in recent fiscal years.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.2 %

> Latest Rating Changes :

Sector in which comparison is carried out :

289 Manufacture of other special-purpose machinery

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 95.00% of the companies of the sector ELECTRO JET SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.18%.

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 probabilityy of non-compliance should not be solely interpreted as the total loss of the owed amount.

LEGAL 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

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ESTER ROVIRA LATORRE

JOAN ROVIRA TRIAS

MIREIA ROVIRA CAMPDELACREU

PARTICIPATES IN

GURBCONS SL

BARCELONA

99.4

Turnover

Total Sales 2012

17.398.366,98

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

October 2008

2006

Normales

November 2007

2005

Normales

December 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

October 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

October 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

December 1994

1992

Normales

September 1993

1991

Normales

August 1992

1990

Normales

August 1991

1989

Normales

September 1990

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

5.113.595,00

4.616.189,00

5.384.651,00

5.724.820,00

6.831.177,00

I. Intangible fixed assets : 11100

15.640,00

4.728,00

7.794,00

22.902,00

43.645,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

1.280,00

3.722,00

6.164,00

22.902,00

35.267,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

14.360,00

1.006,00

1.630,00

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

8.378,00

II. Tangible fixed assets : 11200

4.370.639,00

3.879.425,00

3.066.719,00

3.397.808,00

3.839.652,00

1. Land and buildings: 11210

3.100.666,00

3.180.151,00

2.483.567,00

2.542.894,00

2.646.744,00

2. Technical installations and other tangible fixed assets: 11220

1.268.387,00

697.688,00

571.752,00

854.915,00

1.192.908,00

3. Tangible asset in progress and advances: 11230

1.586,00

11.400,00

0,00

III. Real estate investment: 11300

710.693,00

715.999,00

1.705.273,00

1.718.257,00

1.730.254,00

1. Land: 11310

512.759,00

509.067,00

1.416.063,00

1.417.506,00

1.417.856,00

2. Buildings: 11320

197.934,00

206.932,00

289.210,00

300.751,00

312.398,00

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

0,00

1.000.000,00

1. Equity instruments: 11410

0,00

1.000.000,00

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

16.037,00

391.037,00

412.559,00

17.255,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

375.000,00

394.000,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

16.037,00

18.559,00

17.255,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

586,00

0,00

213.828,00

173.293,00

200.371,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

12.129.869,00

14.015.223,00

8.763.043,00

5.500.055,00

5.354.245,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

3.687.504,00

3.520.601,00

2.522.122,00

1.210.231,00

2.511.128,00

1. Commercial: 12210

205.964,00

204.465,00

0,00

2. Primary material and other supplies: 12220

285.509,00

314.484,00

176.515,00

169.323,00

386.076,00

3. Work in progress: 12230

1.937.492,00

1.748.731,00

698.268,00

659.690,00

1.923.324,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

1.937.492,00

1.748.731,00

698.268,00

659.690,00

1.923.324,00

4. Finished goods: 12240

1.105.242,00

1.054.714,00

1.486.369,00

373.934,00

201.727,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.105.242,00

1.054.714,00

1.486.369,00

373.934,00

201.727,00

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

0,00

6. Advances to suppliers: 12260

153.297,00

198.207,00

160.970,00

7.284,00

0,00

III. Trade debtors and others receivable accounts: 12300

5.087.315,00

8.145.954,00

5.221.213,00

4.024.490,00

2.689.512,00

1. Trade debtors / accounts receivable: 12310

4.494.121,00

7.788.281,00

5.023.234,00

3.957.167,00

2.584.250,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.494.121,00

7.788.281,00

5.023.234,00

3.957.167,00

2.584.250,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

10.882,00

4. Personnel: 12340

300,00

0,00

5. Assets for deferred tax: 12350

592.894,00

357.177,00

197.483,00

67.323,00

94.380,00

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

0,00

496,00

0,00

7. Called up share capital: 12370

0,00

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

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

0,00

V. Short-term financial investments : 12500

2.762.492,00

1.612.505,00

225.497,00

8.267,00

4.161,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

12.492,00

12.505,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

2.750.000,00

1.600.000,00

225.497,00

8.267,00

4.161,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

39.211,00

33.488,00

6.407,00

10.472,00

9.238,00

VII. Cash and other equivalent liquid assets : 12700

553.346,00

702.675,00

787.804,00

246.596,00

140.207,00

1. Treasury: 12710

553.346,00

702.675,00

787.804,00

246.596,00

140.207,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

17.243.464,00

18.631.412,00

14.147.694,00

11.224.875,00

12.185.423,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

12.916.310,00

13.156.825,00

10.127.993,00

8.961.548,00

8.922.738,00

A-1) Shareholders' equity: 21000

12.915.298,00

13.155.061,00

10.125.478,00

8.958.227,00

8.918.665,00

I. Capital: 21100

120.200,00

1. Registered capital : 21110

120.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

10.034.861,00

10.005.278,00

9.005.475,00

8.789.828,00

8.630.707,00

1. Legal and statutory: 21310

24.040,00

2. Other reserves: 21320

10.010.821,00

9.981.237,00

8.981.435,00

8.765.787,00

8.606.666,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-255.182,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-255.182,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

2.760.237,00

6.029.584,00

1.254.984,00

48.199,00

167.758,00

VIII. (Interim dividend): 21800

0,00

-3.000.000,00

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

1.011,00

1.763,00

2.515,00

3.321,00

4.073,00

B) NON-CURRENT LIABILITIES: 31000

936.761,00

208.057,00

214.927,00

266.473,00

348.613,00

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

793.380,00

14.632,00

21.362,00

60.375,00

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

3.608,00

43.931,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

793.380,00

14.632,00

17.754,00

16.444,00

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

0,00

IV. Liabilities for deferred tax: 31400

143.381,00

193.424,00

200.295,00

245.111,00

288.237,00

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

3.390.393,00

5.266.530,00

3.804.775,00

1.996.854,00

2.914.072,00

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

236.520,00

300.110,00

5.103,00

40.470,00

906.794,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.509,00

110,00

1.495,00

147,00

841.633,00

3. Creditors from financial leasing: 32330

0,00

3.608,00

40.323,00

61.661,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

235.011,00

300.000,00

0,00

3.500,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.153.873,00

4.966.421,00

3.799.672,00

1.956.384,00

2.007.278,00

1. Suppliers: 32510

2.030.418,00

3.033.229,00

2.677.376,00

1.232.750,00

1.426.392,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.030.418,00

3.033.229,00

2.677.376,00

1.232.750,00

1.426.392,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

552.408,00

621.794,00

403.864,00

229.341,00

175.257,00

4. Personnel (remuneration due): 32540

95.017,00

121.700,00

81.953,00

57.558,00

74.047,00

5. Liabilities for current tax: 32550

53.495,00

630.807,00

30.342,00

14.992,00

966,00

6. Otras deudas con las Administraciones Públicas. : 32560

100.982,00

89.830,00

113.520,00

49.782,00

69.356,00

7. Advances from clients: 32570

321.553,00

469.061,00

492.617,00

371.960,00

261.261,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

17.243.464,00

18.631.412,00

14.147.694,00

11.224.875,00

12.185.423,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

17.398.367,00

26.263.949,00

11.709.125,00

6.319.002,00

8.911.740,00

a) Sales: 40110

17.163.520,00

26.099.124,00

11.519.255,00

6.106.691,00

8.636.820,00

b) Rendering of services: 40120

234.847,00

164.825,00

189.869,00

212.311,00

274.920,00

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

239.289,00

618.808,00

1.151.013,00

-1.091.427,00

614.719,00

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

0,00

4. Supplies : 40400

-9.173.806,00

-13.478.031,00

-8.322.451,00

-2.263.236,00

-6.014.637,00

a) Stock consumption: 40410

0,00

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

-6.388.178,00

-10.345.070,00

-6.176.997,00

-1.094.080,00

-3.327.287,00

c) Works carried out by other companies: 40430

-2.785.628,00

-3.132.961,00

-2.145.454,00

-1.169.156,00

-2.687.351,00

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

0,00

5. Other operating income: 40500

126.573,00

110.025,00

90.854,00

290.331,00

218.844,00

a) Auxiliary income and other from current management: 40510

61.718,00

58.665,00

82.186,00

107.979,00

147.910,00

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

64.855,00

51.360,00

8.668,00

182.352,00

70.934,00

6. Personnel costs: 40600

-2.223.113,00

-2.259.635,00

-1.052.103,00

-1.736.457,00

-1.698.368,00

a) Wages, salaries et al.: 40610

-1.795.318,00

-1.844.395,00

-800.262,00

-1.458.496,00

-1.377.291,00

b) Social security costs: 40620

-427.796,00

-415.240,00

-251.840,00

-277.961,00

-321.077,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.711.231,00

-3.135.969,00

-1.933.927,00

-965.685,00

-1.376.840,00

a) External services: 40710

-2.653.588,00

-3.025.264,00

-1.916.571,00

-943.073,00

-1.353.643,00

b) Taxes: 40720

-20.469,00

-18.480,00

-18.265,00

-17.521,00

-16.778,00

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

-37.174,00

-92.224,00

909,00

-5.091,00

-6.420,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-422.492,00

-299.978,00

-378.433,00

-462.298,00

-486.710,00

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

0,00

1.074,00

0,00

10. Excess provisions : 41000

0,00

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

6.325,00

257,00

-7.195,00

-7.704,00

-24.600,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

6.325,00

257,00

-7.195,00

-7.704,00

-24.600,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

5.539,00

19.259,00

100.954,00

29.261,00

26.674,00

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

3.245.450,00

7.839.760,00

1.358.911,00

112.861,00

170.820,00

14. Financial income : 41400

81.173,00

55.676,00

56.601,00

7.722,00

9.490,00

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

81.173,00

55.676,00

56.601,00

7.722,00

9.490,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

81.173,00

55.676,00

56.601,00

7.722,00

9.490,00

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

0,00

15. Financial expenditure: 41500

-24.767,00

-554,00

-22.444,00

-54.066,00

-51.000,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-24.767,00

-554,00

-22.444,00

-54.066,00

-51.000,00

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

1.051,00

-4.318,00

45.212,00

-540,00

-6.977,00

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

57.457,00

50.804,00

79.369,00

-46.884,00

-48.487,00

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

3.302.908,00

7.890.564,00

1.438.280,00

65.977,00

122.333,00

20. Income taxes: 41900

-542.670,00

-1.860.980,00

-183.296,00

-17.778,00

45.425,00

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

2.760.237,00

6.029.584,00

1.254.984,00

48.199,00

167.758,00

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

0,00

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

2.760.237,00

6.029.584,00

1.254.984,00

48.199,00

167.758,00

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 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, Axesor created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

5.113.009,00

4.616.189,00

5.170.823,00

5.551.527,00

6.630.806,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

15.640,00

4.728,00

7.794,00

22.902,00

43.645,00

1. Research and development costs:

0,00

2. Concessions, patents, licences, trademarks et al.:

1.280,00

3.722,00

6.164,00

22.902,00

35.267,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

14.360,00

1.006,00

1.630,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8.378,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

5.081.332,00

4.595.424,00

4.771.992,00

5.116.065,00

5.569.906,00

1. Land and construction:

3.811.360,00

3.896.150,00

4.188.840,00

4.261.151,00

4.376.998,00

2. Technical installations and machinery:

1.021.314,00

561.783,00

460.379,00

688.383,00

960.538,00

3. Other installations, tools and furniture:

168.539,00

92.707,00

75.973,00

113.599,00

158.510,00

4. Payments on account and tangible fixed assets under construction:

1.586,00

11.400,00

0,00

5. Other tangible assets:

78.534,00

43.198,00

35.401,00

52.933,00

73.860,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

16.037,00

391.037,00

412.559,00

1.017.255,00

1. Equity investments in group companies:

0,00

1.000.000,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

375.000,00

394.000,00

0,00

7. Long term guarantees and deposits:

16.037,00

18.559,00

17.255,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

12.130.455,00

14.015.223,00

8.976.871,00

5.673.348,00

5.554.616,00

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

0,00

II. Stocks:

3.687.504,00

3.520.601,00

2.522.122,00

1.210.231,00

2.511.128,00

1. Goods for resale:

205.964,00

204.465,00

0,00

2. Raw materials and other consumables:

285.509,00

314.484,00

176.515,00

169.323,00

386.076,00

3. Goods in process and semifinished ones:

1.937.492,00

1.748.731,00

698.268,00

659.690,00

1.923.324,00

4. Finished products:

1.105.242,00

1.054.714,00

1.486.369,00

373.934,00

201.727,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

153.297,00

198.207,00

160.970,00

7.284,00

0,00

7. Provisions:

0,00

III. Debtors:

5.087.902,00

8.145.954,00

5.435.041,00

4.197.783,00

2.889.883,00

1. Trade debtors / accounts receivable:

4.494.121,00

7.788.281,00

5.023.234,00

3.957.167,00

2.584.250,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

10.882,00

5. Staff:

300,00

0,00

6. Public bodies:

593.480,00

357.673,00

411.807,00

240.616,00

294.751,00

7. Provisions:

0,00

IV. Short-term investments:

2.762.492,00

1.612.505,00

225.497,00

8.267,00

4.161,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

12.492,00

12.505,00

0,00

7. Shor term guarantees and deposits:

2.750.000,00

1.600.000,00

225.497,00

8.267,00

4.161,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

553.346,00

702.675,00

787.804,00

246.596,00

140.207,00

VII. Prepayments and accrued income:

39.211,00

33.488,00

6.407,00

10.472,00

9.238,00

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

17.243.464,00

18.631.412,00

14.147.694,00

11.224.875,00

12.185.423,00

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

12.915.602,00

13.155.590,00

10.126.232,00

8.959.223,00

8.919.887,00

I. Subscribed capital:

120.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

10.035.165,00

10.005.807,00

9.006.230,00

8.790.824,00

8.631.929,00

1. Legal reserve:

24.040,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

10.011.121,00

9.981.763,00

8.982.187,00

8.766.781,00

8.607.886,00

Differences due to capital adjustement to euros:

3,00

V. Profit or loss brought forward:

0,00

-255.182,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-255.182,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

2.760.237,00

6.029.584,00

1.254.984,00

48.199,00

167.758,00

VII. Interim dividend paid:

0,00

-3.000.000,00

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

708,00

1.234,00

1.761,00

2.324,00

2.851,00

1. Capital grants:

708,00

1.234,00

1.761,00

2.324,00

2.851,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

936.761,00

208.057,00

214.927,00

266.473,00

348.613,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

3.608,00

43.931,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

3.608,00

43.931,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

936.761,00

208.057,00

214.927,00

262.865,00

304.681,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

793.380,00

14.632,00

17.754,00

16.444,00

4. Long term payables to public bodies:

143.381,00

193.424,00

200.295,00

245.111,00

288.237,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

3.390.393,00

5.266.530,00

3.804.775,00

1.996.854,00

2.914.072,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

1.509,00

110,00

5.103,00

40.470,00

903.294,00

1. Loans and other liabilities:

1.509,00

110,00

1.495,00

147,00

841.633,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

3.608,00

40.323,00

61.661,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.904.379,00

4.124.084,00

3.573.857,00

1.834.052,00

1.862.910,00

1. Advanced payments from customers:

321.553,00

469.061,00

492.617,00

371.960,00

261.261,00

2. Amounts owed for purchases of goods or services:

2.582.826,00

3.655.024,00

3.081.240,00

1.462.091,00

1.601.649,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

484.505,00

1.142.336,00

225.815,00

122.332,00

147.869,00

1. Public bodies:

154.477,00

720.636,00

143.862,00

64.774,00

70.321,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

235.011,00

300.000,00

0,00

3.500,00

4. Wages and salaries payable:

95.017,00

121.700,00

81.953,00

57.558,00

74.047,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

17.243.464,00

18.631.412,00

14.147.694,00

11.224.875,00

12.185.423,00

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

15.098.080,00

21.039.466,00

11.899.849,00

6.599.191,00

9.704.557,00

A.1. Stock reduction of both manufactured goods and the ones in process:

0,00

1.091.427,00

0,00

A.2. Supplies:

9.173.806,00

13.478.031,00

8.322.451,00

2.263.236,00

6.014.637,00

a) Stock consumption:

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

6.388.178,00

10.345.070,00

6.176.997,00

1.094.080,00

3.327.287,00

c) Miscellaneous external expenditure:

2.785.628,00

3.132.961,00

2.145.454,00

1.169.156,00

2.687.351,00

A.3. Staff costs:

2.223.113,00

2.259.635,00

1.052.103,00

1.736.457,00

1.698.368,00

a) Wages, salaries et al.:

1.795.318,00

1.844.395,00

800.262,00

1.458.496,00

1.377.291,00

b) Social security costs:

427.796,00

415.240,00

251.840,00

277.961,00

321.077,00

A.4. Depreciation expense:

422.492,00

299.978,00

378.433,00

462.298,00

486.710,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

37.174,00

92.224,00

-909,00

5.091,00

6.420,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

37.174,00

92.224,00

-909,00

5.091,00

6.420,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

2.674.057,00

3.043.745,00

1.934.836,00

960.594,00

1.370.421,00

a) External services:

2.653.588,00

3.025.264,00

1.916.571,00

943.073,00

1.353.643,00

b) Taxes:

20.469,00

18.480,00

18.265,00

17.521,00

16.778,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

3.233.587,00

7.819.169,00

1.264.077,00

90.230,00

168.747,00

A.7. Financial and similar charges:

24.767,00

554,00

22.444,00

54.066,00

51.000,00

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.:

24.767,00

554,00

22.444,00

54.066,00

51.000,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

4.318,00

0,00

540,00

6.977,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

57.457,00

50.804,00

79.369,00

0,00

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

3.291.044,00

7.869.973,00

1.343.447,00

43.346,00

120.260,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

7.195,00

7.704,00

24.600,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

0,00

A.14. Expenses and losses of former financial years:

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

11.864,00

20.591,00

94.833,00

22.631,00

2.074,00

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

3.302.908,00

7.890.564,00

1.438.280,00

65.977,00

122.333,00

A.15. Corporation tax:

542.670,00

1.860.980,00

183.296,00

17.778,00

45.425,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

2.760.237,00

6.029.584,00

1.254.984,00

48.199,00

76.909,00

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

B) INCOME ( B.1 to B.13):

17.858.318,00

27.069.049,00

13.154.833,00

6.647.390,00

9.781.465,00

B.1. Net total sales:

17.398.367,00

26.263.949,00

11.709.125,00

6.319.002,00

8.911.740,00

a) Sales:

17.163.520,00

26.099.124,00

11.519.255,00

6.106.691,00

8.636.820,00

b) Rendering of services:

234.847,00

164.825,00

189.869,00

212.311,00

274.920,00

Returns and Rappel on sales:

0,00

B.2. Stock increase of manufactured goods and products in process:

239.289,00

618.808,00

1.151.013,00

0,00

614.719,00

B.3. Works performed by the company for fixed assets:

0,00

B.4. Miscellaneous operating income:

126.573,00

110.025,00

90.854,00

290.331,00

218.844,00

a) Auxiliary income and other from current management:

61.718,00

58.665,00

82.186,00

107.979,00

147.910,00

b) Grants:

64.855,00

51.360,00

8.668,00

182.352,00

70.934,00

c) Liabilities and charges provisions surplus:

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

81.173,00

55.676,00

56.601,00

7.722,00

9.490,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

81.173,00

55.676,00

56.601,00

7.722,00

9.490,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

1.051,00

0,00

45.212,00

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

0,00

46.884,00

48.487,00

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

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

6.325,00

257,00

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

0,00

1.074,00

0,00

B.12. Extraordinary income:

5.539,00

19.259,00

100.954,00

29.261,00

26.674,00

B.13. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):

0,00

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

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

0,00

CASHFLOW STATEMENT

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

3.302.907,00

7.890.563,00

1.272.765,00

65.979,00

213.184,00

2. Results adjustments.: 61200

-443.104,00

-1.538.055,00

200.914,00

847.801,00

415.863,00

a) Fixed Assets Amortization (+).: 61201

361.248,00

258.222,00

214.629,00

462.298,00

385.244,00

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

-804.352,00

-1.796.277,00

-13.715,00

446.568,00

20.822,00

d) Allocation of grants (-).: 61204

0,00

-752,00

0,00

e) Results on disposal of fixed assets (+/-). : 61205

0,00

-60.313,00

0,00

k) Other income and expense (-/+). : 61211

0,00

9.797,00

3. Changes in current capital equity.: 61300

1.335.146,00

-2.848.253,00

-697.531,00

-420.988,00

-508.587,00

a) Stock (+/-).: 61301

-166.903,00

-998.479,00

-1.311.891,00

835.314,00

-331.528,00

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

3.314.597,00

-3.016.524,00

-1.188.457,00

-341.511,00

596.039,00

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

-1.219.706,00

550.230,00

1.699.333,00

-892.755,00

-1.025.849,00

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

-592.842,00

616.519,00

103.485,00

-22.037,00

252.751,00

4. Other cash flows for operating activities.: 61400

0,00

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

3.504.255,00

776.148,00

492.793,00

120.460,00

6. Payments for investment (-).: 62100

-858.069,00

296.413,00

166.075,00

-395.304,00

-589.153,00

b) Intangible fixed assets. : 62102

-19.280,00

0,00

15.265,00

0,00

c) Fixed assets. : 62103

-835.097,00

-1.131.272,00

189.115,00

0,00

-589.153,00

d) Real estate investment. : 62104

-3.692,00

1.052.685,00

-59.828,00

0,00

e) Other financial assets. : 62105

0,00

375.000,00

21.523,00

-395.304,00

0,00

7. Divestment payment collection (+). : 62200

0,00

72.599,00

449.233,00

b) Intangible fixed assets. : 62202

0,00

18.583,00

447.411,00

c) Fixed assets. : 62203

0,00

53.666,00

0,00

d) Real estate investment. : 62204

0,00

350,00

0,00

e) Other financial assets. : 62205

0,00

1.822,00

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

-858.069,00

296.413,00

166.075,00

-322.705,00

-139.920,00

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

-6.000.750,00

-754,00

166.643,00

-8.637,00

0,00

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

-6.000.000,00

0,00

167.448,00

0,00

211.531,00

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

0,00

-8.637,00

0,00

e) Grants, donations and bequests received (+). : 63105

0,00

-753,00

-806,00

0,00

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

-750,00

501.966,00

-86.978,00

-55.062,00

-310.426,00

a) Issuance : 63201

664.528,00

0,00

b) Repayment and amortization of : 63207

664.528,00

501.966,00

-86.978,00

-55.062,00

-310.426,00

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

-63.591,00

295.008,00

5.103,00

0,00

-308.603,00

5. Other debts (-). : 63212

728.119,00

206.958,00

-92.081,00

-55.062,00

-1.823,00

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

3.000.000,00

-3.000.000,00

0,00

a) Dividends (-).: 63301

3.000.000,00

-3.000.000,00

0,00

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

-2.336.222,00

-2.498.788,00

79.665,00

-63.699,00

-310.426,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

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

1.000.658,00

1.301.880,00

1.021.887,00

106.389,00

-329.886,00

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

0,00

1.301.880,00

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

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,01 %

0,01 %

0,00 %

EBITDA over Sales:

21,01 %

9,56 %

30,91 %

10,05 %

-32,02 %

-4,87 %

Cash Flow Yield:

-0,01 %

0,01 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

22,40 %

5,69 %

46,00 %

6,97 %

-51,30 %

-18,37 %

Total economic profitability:

19,30 %

2,93 %

42,35 %

4,20 %

-54,44 %

-30,36 %

Financial profitability:

21,37 %

2,57 %

45,83 %

5,91 %

-53,37 %

-56,48 %

Margin:

18,49 %

5,17 %

29,65 %

6,33 %

-37,65 %

-18,40 %

Mark-up:

18,82 %

2,15 %

29,84 %

4,74 %

-36,96 %

-54,57 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,16

0,13

0,11

22,33

19,56

Acid Test:

2,48

0,87

1,99

0,83

24,78

5,13

Working Capital / Investment:

0,51

0,03

0,47

0,03

7,94

33,63

Solvency:

3,58

1,23

2,66

1,16

34,45

5,52

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,34

1,53

0,42

1,61

-19,49

-4,47

Borrowing Composition:

0,28

1,14

0,04

1,01

599,40

12,39

Repayment Ability:

-28,98

81,33

-64,31

475,11

54,94

-82,88

Warranty:

3,98

1,66

3,40

1,63

17,09

1,92

Generated resources / Total creditors:

0,74

0,08

1,16

0,07

-36,38

6,89

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,64

1,74

4,59

1,72

-42,42

1,01

Turnover of Collection Rights :

3,44

4,98

3,24

4,48

6,40

10,95

Turnover of Payment Entitlements:

3,84

3,55

3,47

3,26

10,79

8,94

Stock rotation:

3,88

7,13

5,27

6,16

-26,46

15,89

Assets turnover:

1,21

1,10

1,55

1,10

-21,89

0,04

Borrowing Cost:

0,57

3,08

0,01

2,91

5.554,12

5,82

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,01 %

0,00 %

0,05 %

1,68 %

-3,70 %

EBITDA over Sales:

21,01 %

30,91 %

14,03 %

8,74 %

7,35 %

Cash Flow Yield:

-0,01 %

0,00 %

0,04 %

0,95 %

-2,71 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

22,40 %

46,00 %

9,30 %

0,77 %

1,29 %

Total economic profitability:

19,30 %

42,35 %

10,32 %

1,07 %

1,42 %

Financial profitability:

21,37 %

45,83 %

12,39 %

0,54 %

1,88 %

Margin:

18,49 %

29,65 %

10,66 %

1,26 %

1,58 %

Mark-up:

18,82 %

29,84 %

11,33 %

0,56 %

-0,82 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,16

0,13

0,21

0,12

0,05

Acid Test:

2,48

1,99

1,64

2,14

0,97

Working Capital / Investment:

0,51

0,47

0,35

0,31

0,22

Solvency:

3,58

2,66

2,36

2,84

1,91

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,34

0,42

0,40

0,25

0,37

Borrowing Composition:

0,28

0,04

0,06

0,13

0,12

Repayment Ability:

-28,98

-64,31

7,43

2,48

6,42

Warranty:

3,98

3,40

3,52

4,96

3,73

Generated resources / Total creditors:

0,74

1,16

0,41

0,23

0,20

Efficiency

2012

2011

2010

2009

2008

Productivity:

2,64

4,59

2,56

1,32

1,39

Turnover of Collection Rights :

3,44

3,24

2,26

1,64

3,39

Turnover of Payment Entitlements:

3,84

3,47

3,00

1,09

3,99

Stock rotation:

3,88

5,27

4,18

5,39

3,57

Assets turnover:

1,21

1,55

0,87

0,61

0,82

Borrowing Cost:

0,57

0,01

0,56

2,39

1,56

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.

Detail of Subsidies appearing in Balances Memories

Entity

INSTITUTO ESPAÑOL DE CREDITO EXTERIOR

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

60.121,66

Notes

El importe reflejado es el imputado a resultados.

Entity

DEPARTAMENTO DE AGRICULTURA, GANADERIA Y PESCA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

3.659,52

Notes

El importe reflejado es el imputado a resultados.

Entity

INSTITUTO ESPAÑOL DE CREDITO EXTERIOR

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

44.957,01

Notes

El importe reflejado es el imputado a resultados.

Entity

CONSORCIO DE PROMOCION COMERCIAL DE CATALUNYA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

2.743,61

Notes

El importe reflejado es el imputado a resultados.

Entity

DEPARTAMENTO DE AGRICULTURA, GANADERIA Y PESCA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

5.031,74

Entity

CONSORCIO DE PROMOCION COMERCIAL DE CATALUNYA

Status

CONCEDIDA

Amount Granted

3.636,09

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

120.104,10

Notes

Subvención concedido por la presencia en las Ferias Internacionales del sector.

Entity

CENTRO DE DESARROLLO DE TECNOLOGIA DE LA INFORMACIÓN

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

8.950,95

Notes

Se han traspasado a resultados 984,61 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

1.180,82

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

27.008,76

Notes

Subvención concedido por la presencia en las Ferias Internacionales del sector.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

5.398,21

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.21
UK Pound	1	Rs.101.05
Euro	1	Rs.83.33

INFORMATION DETAILS

Report Prepared by :

NIS

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

Activity

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Chronological summary

Probability of default

LEGAL CLAIMS

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Unit