MIRA INFORM REPORT

Report Date :

06.08.2014

IDENTIFICATION DETAILS

Name :	TRUMPLER ESPAÑOLA SA

Registered Office :	Llobateres, 15 Plind Santiga - Barbera Del Valles - 08210 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	01.06.1975

Legal Form :	Public Company

Line of Business :	Manufacture of dyes and pigments

No. of Employees	42

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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

SPAIN ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013

Source : CIA

Company name and address

Name:

TRUMPLER ESPAÑOLA SA

NIF / Fiscal code:

A08376105

Trade Name

TRUMPLER

Status:

ACTIVE

Incorporation Date:

01/06/1975

Register Data

Last Publication in BORME:

23/10/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

179.402,11

Localization:

LLOBATERES, 15 PLIND SANTIGA - BARBERA DEL VALLES - 08210 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 937479355 Email. info@trumpler.es Website. www.trumpler.es

Activity:

NACE:

2012 - Manufacture of dyes and pigments

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

6 for a total cost of 133729.24

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners

ACCIONES PROPIAS DE TRUMPLER ESPAÑOLA, S.A.

6.03 %

GRA DE FAJOL SL

10.05 %

TRUMPLER, SOCIEDAD ANONIMA, & CO CHEMISCHE FABRIK (ALEMANIA)

66.83 %

Identification

Social Denomination:

TRUMPLER ESPAÑOLA SA

Trade Name:

TRUMPLER

NIF / Fiscal code:

A08376105

Corporate Status:

ACTIVE

Start of activity:

1975

Registered Office:

LLOBATERES, 15 PLIND SANTIGA

Locality:

BARBERA DEL VALLES

Province:

BARCELONA

Postal Code:

08210

Telephone:

937479355

Fax:

937188006

Website:

www.trumpler.es

Email:

info@trumpler.es

Activity

NACE:

2012

Additional Information:

Manufacture of chemicals, dyes and pigments primarily intended for the leather and textile industries. Integrated in the German business group Trumpler. Marks used - TRUMPLER

Additional Address:

Llobateres 15 Plind Santiga 08210 Barberá del Vallés (Barcelona), registered office, factory, warehouse, office, attributed property.

Import / export:

EXPORTS

Future Perspective:

Face recession

Industry situation:

Decline

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

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

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1993

Accounts deposit (ejer. 1992)

1995

Accounts deposit (ejer. 1993, 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1996

Accounts deposit (ejer. 1995)

1997

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

1998

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1999

Accounts deposit (ejer. 1997, 1998)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2)

2001

Appointments/ Re-elections (1)

2002

Accounts deposit (ejer. 2000)

2003

Accounts deposit (ejer. 2001 consolidated, 2001) Appointments/ Re-elections (4)

2004

Accounts deposit (ejer. 2002 consolidated, 2002) Appointments/ Re-elections (2)

2005

Accounts deposit (ejer. 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2006

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

2007

Accounts deposit (ejer. 2005, 2006)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009)

2011

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

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

179.402,11

Paid up capital:

179.402,11

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TORRABADELLA PEÑA JORDI

04/07/2013

MEMBER OF THE BOARD

BARENYS MARTINEZ JORDI MARIA

04/07/2013

TORRABADELLA PEÑA JORDI

04/07/2013

THOMAS HARTMUT FEIGEL

04/07/2013

PROXY

GIL CALVO PILAR

14/10/2005

BARENYS MARTINEZ JUAN

14/10/2005

GIL PABLO MANUEL

29/08/2003

TORRABADELLA PEÑA JORDI

06/02/1995

CHIEF EXECUTIVE OFFICER

TORRABADELLA PEÑA JORDI

04/07/2013

NON CONSELLOR SECRETARY

MARIMON PRATS LUIS F

04/07/2013

ACCOUNTS' AUDITOR / HOLDER

IBERAUDIT MRM AUDICONSULTING SLP

15/10/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDICONSULTING IBERIA MRM SLP

ACCOUNTS' AUDITOR / HOLDER

20/09/2011

BARENYS MARTINEZ JOAN

MEMBER OF THE BOARD

21/03/2011

MEMBER OF THE BOARD

04/07/2013

BARENYS MARTINEZ JUAN

PROXY

14/10/2005

BARENYS MARTORELL ANTONIO

PRESIDENT

06/02/1995

MEMBER OF THE BOARD

06/02/1995

MEMBER OF THE BOARD

19/05/1992

SECRETARY

19/05/1992

CHRISTIAN JOHANN JACOB FRIEDRICH ROOS

MEMBER OF THE BOARD

26/08/2003

MEMBER OF THE BOARD

06/08/2008

MEMBER OF THE BOARD

02/02/2009

MEMBER OF THE BOARD

21/03/2011

COOPERS AND LYBRAND AUDITORIA Y CONSULTORIA SRL

ACCOUNTS' AUDITOR / HOLDER

05/09/2001

COOPERS AND LYBRAND SA

ACCOUNTS' AUDITOR / HOLDER

24/01/2000

FABREGAS MERCADE Y CO AUDITORES CONSULTORES SL

ACCOUNTS' AUDITOR / HOLDER

20/10/2008

GIL CALVO PILAR

PROXY

14/10/2005

PROXY

07/07/2004

GIL PABLO MANUEL

MEMBER OF THE BOARD

28/08/1997

PRESIDENT

28/08/1997

CHIEF EXECUTIVE OFFICER

28/08/1997

CHIEF EXECUTIVE OFFICER

02/09/1998

PRESIDENT

02/09/1998

MEMBER OF THE BOARD

02/09/1998

MEMBER OF THE BOARD

26/08/2003

PRESIDENT

26/08/2003

PRESIDENT

06/08/2008

MEMBER OF THE BOARD

06/08/2008

CHIEF EXECUTIVE OFFICER

06/08/2008

CHIEF EXECUTIVE OFFICER

02/02/2009

MEMBER OF THE BOARD

02/02/2009

PRESIDENT

02/02/2009

GUNTHER KARL HEINZ ROOS

MEMBER OF THE BOARD

19/05/1992

PRESIDENT

19/05/1992

HANS TRUMPLER

MEMBER OF THE BOARD

19/05/1992

MEMBER OF THE BOARD

28/08/1997

MEMBER OF THE BOARD

02/09/1998

VICE CHAIRMAN

19/05/1992

IBERAUDIT MRM AUDICONSULTING SLP

ACCOUNTS' AUDITOR / HOLDER

09/11/2012

ACCOUNTS' AUDITOR / HOLDER

15/10/2013

MARIMON GARNIER LUIS

NON CONSELLOR SECRETARY

04/07/2013

NORBERT SCHUSTER

MEMBER OF THE BOARD

19/05/1992

MEMBER OF THE BOARD

28/08/1997

MEMBER OF THE BOARD

02/09/1998

MEMBER OF THE BOARD

26/08/2003

MEMBER OF THE BOARD

09/08/2005

PRICE WATERHOUSE COOPERS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

05/10/2004

ACCOUNTS' AUDITOR / HOLDER

04/04/2003

ACCOUNTS' AUDITOR / HOLDER

10/04/2003

ACCOUNTS' AUDITOR / HOLDER

04/11/2005

ACCOUNTS' AUDITOR / HOLDER

13/12/2005

ACCOUNTS' AUDITOR / HOLDER

23/10/2006

THOMAS HARTMUT FEIGEL

MEMBER OF THE BOARD

04/07/2013

TORRABADELLA PEÑA JORDI

MEMBER OF THE BOARD

21/03/2011

CHIEF EXECUTIVE OFFICER

21/03/2011

PRESIDENT

21/03/2011

MEMBER OF THE BOARD

02/02/2009

MEMBER OF THE BOARD

06/08/2008

MEMBER OF THE BOARD

26/08/2003

MEMBER OF THE BOARD

28/08/1997

MEMBER OF THE BOARD

02/09/1998

PRESIDENT

04/07/2013

CHIEF EXECUTIVE OFFICER

04/07/2013

MEMBER OF THE BOARD

04/07/2013

Executive board

Post

NIF

Name

MANAGING DIRECTOR

JUAN BARENYS MARTINEZ

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

---

> Basis for rating

Positive Factors

Adverse Factors

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

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

The current debt represents a 23.11of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

TRUMPLER ESPAÑOLA SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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

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

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

Among the companies with similar characteristics, TRUMPLER ESPAÑOLA SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 1.281 %

> Latest Rating Changes :

Sector in which comparison is carried out :

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

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 87.00% of the companies of the sector TRUMPLER ESPAÑOLA 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 1.281%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

IS RELATED WITH:

10 Entities

PARTICIPATES IN:

6 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE TRUMPLER ESPAÑOLA, S.A.

6.03

GRA DE FAJOL SL

BARCELONA

10.05

TRUMPLER, SOCIEDAD ANONIMA, & CO CHEMISCHE FABRIK (ALEMANIA)

66.83

PARTICIPATES IN

SOCIEDAD ANONIMA ROBAMA

BARCELONA

TRUMPLER MEXICANA, SOCIEDAD ANONIMA, DE CV

TRUMPLER INTERNATIONAL TRADING (TIT)

TRUMPLER BRASILEIRA LTDA

36.26

TRUMPLER CHEMICALS & DYES

TRUMPLER CHEMICAL & DYES

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	L.A.C., SOCIEDAD ANONIMA, SRL
	TRUMPLER ARGENTINA, S.A.
	TRUMPLER FRANCE SARL
	TRUMPLER ITALIA SPA
	TRUMPLER BRASILEIRA
	TRUMPLER INT TRADING
	TRUMPLER MEXICANA DE GUATEMALA
	ACTUA MULTISERVICIOS SL	BARCELONA
	GAS NATURAL SOLUCIONES SL	BARCELONA
	NATURAL USE SL	BARCELONA

Turnover

Total Sales

18.855.219,83

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

November 2010

2008

Normales

November 2009

2007

Normales

October 2008

2006

Normales

July 2007

2005

Normales

December 2006

2004

Normales

November 2005

2003

Normales

October 2005

2002

Consolidadas

February 2004

2002

Normales

February 2004

2001

Consolidadas

April 2003

2001

Normales

April 2003

2000

Normales

May 2002

1999

Normales

October 2000

1998

Normales

July 1999

1997

Normales

December 1998

1996

Normales

September 1997

1995

Normales

September 1996

1994

Normales

July 1995

1993

Normales

January 1995

1992

Normales

October 1993

1991

Normales

July 1992

1990

Normales

October 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

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

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

6.617.737,00

6.635.693,00

6.427.132,00

6.374.874,00

6.547.328,00

I. Intangible fixed assets : 11100

49.345,00

67.676,00

56.630,00

101.269,00

143.074,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

49.345,00

67.676,00

56.630,00

101.269,00

143.074,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

2.973.030,00

2.977.096,00

2.766.020,00

2.646.654,00

2.754.834,00

1. Land and buildings: 11210

1.450.805,00

1.501.926,00

1.548.281,00

1.613.444,00

1.678.606,00

2. Technical installations and other tangible fixed assets: 11220

1.482.114,00

424.887,00

380.052,00

351.159,00

484.481,00

3. Tangible asset in progress and advances: 11230

40.112,00

1.050.283,00

837.688,00

682.051,00

591.747,00

III. Real estate investment: 11300

724.775,00

723.760,00

737.320,00

759.789,00

782.258,00

1. Land: 11310

382.099,00

2. Buildings: 11320

342.676,00

341.660,00

355.221,00

377.690,00

400.159,00

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

2.867.162,00

2.867.161,00

1. Equity instruments: 11410

2.867.162,00

2.867.161,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

0,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

3.424,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

10.842.447,00

8.888.218,00

10.005.764,00

8.176.284,00

8.092.876,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

3.404.475,00

3.594.663,00

3.108.519,00

2.245.823,00

3.504.549,00

1. Commercial: 12210

139.522,00

143.104,00

270.962,00

137.811,00

1.165.006,00

2. Primary material and other supplies: 12220

2.536.713,00

2.557.363,00

2.086.502,00

1.436.183,00

2.339.543,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

728.240,00

894.196,00

751.054,00

671.829,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

728.240,00

894.196,00

751.054,00

671.829,00

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

6.430.205,00

4.433.860,00

4.639.841,00

4.601.714,00

3.936.311,00

1. Trade debtors / accounts receivable: 12310

3.600.969,00

2.724.926,00

3.030.488,00

2.578.482,00

2.381.476,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.600.969,00

2.724.926,00

3.030.488,00

2.578.482,00

0,00

2. Customers, Group companies and associates : 12320

2.105.544,00

1.422.323,00

1.318.256,00

1.857.976,00

1.429.103,00

3. Other accounts receivable: 12330

7.636,00

11.949,00

10.176,00

7.154,00

7.501,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

239.545,00

151.421,00

97.688,00

0,00

64.780,00

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

476.511,00

123.242,00

183.234,00

158.101,00

53.451,00

7. Called up share capital: 12370

0,00

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

82.962,00

81.837,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

82.962,00

81.837,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

400.000,00

0,00

1. Equity instruments: 12510

0,00

400.000,00

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

924.806,00

777.858,00

1.857.404,00

1.328.748,00

652.016,00

1. Treasury: 12710

924.806,00

777.858,00

1.857.404,00

1.328.748,00

652.016,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

17.460.184,00

15.523.911,00

16.432.895,00

14.551.158,00

14.640.203,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

12.957.680,00

11.764.465,00

11.614.192,00

10.447.350,00

10.428.331,00

A-1) Shareholders' equity: 21000

12.957.680,00

11.764.465,00

11.614.192,00

10.447.350,00

10.428.331,00

I. Capital: 21100

179.402,00

1. Registered capital : 21110

179.402,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

11.677.256,00

11.649.820,00

11.696.658,00

1. Legal y estatutarias: 21310

35.880,00

2. Other reserves: 21320

11.641.375,00

11.613.939,00

11.660.777,00

IV. (Common stock equity): 21400

-374.102,00

V. Results from previous periods: 21500

0,00

-263.646,00

-1.054.608,00

-1.073.626,00

-974.887,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-263.646,00

-1.054.608,00

-1.073.626,00

-974.887,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

1.475.125,00

572.991,00

1.166.841,00

19.019,00

-98.740,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

467.257,00

593.304,00

768.829,00

977.561,00

786.789,00

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

467.257,00

593.304,00

768.829,00

977.561,00

786.789,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

50.000,00

150.000,00

250.000,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

467.257,00

593.304,00

718.829,00

827.561,00

536.789,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

4.035.247,00

3.166.142,00

4.049.875,00

3.126.247,00

3.425.083,00

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

122.690,00

173.207,00

221.559,00

308.377,00

383.927,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

-3.357,00

47.683,00

96.543,00

180.533,00

364.778,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

126.047,00

125.525,00

125.016,00

127.844,00

19.149,00

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

1,00

0,00

V. Trade creditors and other accounts payable: 32500

3.912.556,00

2.992.935,00

3.828.316,00

2.817.870,00

3.041.156,00

1. Suppliers: 32510

2.125.054,00

1.344.908,00

2.118.076,00

1.426.599,00

1.754.675,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.125.054,00

1.344.908,00

2.118.076,00

1.426.599,00

0,00

2. Suppliers, Group companies and associates: 32520

258.551,00

352.567,00

345.915,00

275.632,00

153.930,00

3. Other creditors: 32530

1.043.295,00

718.829,00

852.277,00

713.161,00

693.485,00

4. Personnel (remuneration due): 32540

369.740,00

468.187,00

407.859,00

319.861,00

327.025,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

115.917,00

108.444,00

104.189,00

82.617,00

112.041,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

17.460.184,00

15.523.911,00

16.432.895,00

14.551.158,00

14.640.203,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

18.855.220,00

16.419.161,00

15.629.406,00

11.125.517,00

10.972.140,00

a) Sales: 40110

18.855.220,00

16.418.816,00

15.629.406,00

11.125.517,00

10.972.140,00

b) Rendering of services: 40120

0,00

345,00

0,00

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

-165.956,00

143.142,00

79.226,00

-377.599,00

-63.384,00

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

0,00

4. Supplies : 40400

-12.194.004,00

-11.237.034,00

-10.279.023,00

-6.934.499,00

-7.341.156,00

a) Stock consumption: 40410

71.805,00

-127.858,00

133.150,00

22.369,00

174,00

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

-12.128.105,00

-11.061.260,00

-10.357.705,00

-6.902.037,00

-7.293.092,00

c) Works carried out by other companies: 40430

-62.317,00

-47.916,00

-54.469,00

-54.831,00

-48.237,00

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

-75.388,00

0,00

5. Other operating income: 40500

495.672,00

430.457,00

532.722,00

284.653,00

306.596,00

a) Auxiliary income and other from current management: 40510

467.072,00

425.957,00

521.675,00

280.071,00

261.415,00

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

28.600,00

4.500,00

11.047,00

4.582,00

45.181,00

6. Personnel costs: 40600

-2.325.469,00

-2.366.492,00

-2.365.919,00

-2.124.035,00

-2.164.445,00

a) Wages, salaries et al.: 40610

-1.887.522,00

-1.983.734,00

-1.923.595,00

-1.746.953,00

-1.723.189,00

b) Social security costs: 40620

-437.947,00

-382.758,00

-442.325,00

-377.082,00

-441.256,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.368.939,00

-2.800.823,00

-2.605.093,00

-1.726.923,00

-1.734.769,00

a) External services: 40710

-3.126.034,00

-2.683.742,00

-2.488.136,00

-1.642.649,00

-1.728.451,00

b) Taxes: 40720

-66.460,00

-43.657,00

-41.969,00

-67.337,00

-41.314,00

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

-176.444,00

-73.424,00

-74.989,00

-16.938,00

34.997,00

d) Other current management expenditure : 40740

0,00

8. Amortisation of fixed assets: 40800

-287.843,00

-257.203,00

-241.631,00

-285.488,00

-306.487,00

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

0,00

10. Excess provisions : 41000

0,00

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

486,00

800,00

-489,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

486,00

800,00

-489,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

2.796,00

51.865,00

-2.192,00

22.824,00

6.767,00

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

1.011.962,00

383.873,00

747.005,00

-15.550,00

-324.737,00

14. Financial income : 41400

514.909,00

406.313,00

291.315,00

245.871,00

143.026,00

a) Of shares in equity instruments : 41410

514.250,00

405.490,00

290.428,00

245.436,00

135.776,00

a 1) In Group companies and associates: 41411

514.250,00

405.490,00

290.428,00

245.436,00

135.776,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

659,00

823,00

887,00

435,00

7.251,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

659,00

823,00

887,00

435,00

7.251,00

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

0,00

15. Financial expenditure: 41500

-11.412,00

-17.934,00

-37.730,00

-29.811,00

-32.211,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-11.412,00

-17.934,00

-37.730,00

-29.811,00

-32.211,00

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

191.736,00

-92.222,00

226.719,00

-181.492,00

115.181,00

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

695.233,00

296.157,00

480.304,00

34.569,00

225.997,00

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

1.707.194,00

680.030,00

1.227.309,00

19.019,00

-98.740,00

20. Income taxes: 41900

-232.070,00

-107.039,00

-60.468,00

0,00

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

1.475.125,00

572.991,00

1.166.841,00

19.019,00

-98.740,00

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

0,00

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

1.475.125,00

572.991,00

1.166.841,00

19.019,00

-98.740,00

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

Information corresponding to the fiscal year 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:

6.988.415,00

7.009.795,00

6.801.234,00

6.748.976,00

6.921.430,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

49.345,00

67.676,00

56.630,00

101.269,00

143.074,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

49.345,00

67.676,00

56.630,00

101.269,00

143.074,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

3.697.806,00

3.700.855,00

3.503.340,00

3.406.443,00

3.537.093,00

1. Land and construction:

2.175.580,00

2.225.686,00

2.285.601,00

2.373.233,00

2.460.865,00

2. Technical installations and machinery:

1.155.253,00

331.184,00

296.236,00

273.716,00

377.635,00

3. Other installations, tools and furniture:

296.285,00

84.938,00

75.975,00

70.199,00

96.851,00

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

40.112,00

1.050.283,00

837.688,00

682.051,00

591.747,00

5. Other tangible assets:

30.576,00

8.765,00

7.840,00

7.244,00

9.995,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

2.867.162,00

2.867.161,00

1. Equity investments in group companies:

2.867.162,00

2.867.161,00

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

7. Long term guarantees and deposits:

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

374.102,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

10.845.872,00

8.888.218,00

10.005.764,00

8.176.284,00

8.092.876,00

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

0,00

II. Stocks:

3.404.475,00

3.594.663,00

3.108.519,00

2.245.823,00

3.504.549,00

1. Goods for resale:

139.522,00

143.104,00

270.962,00

137.811,00

1.165.006,00

2. Raw materials and other consumables:

2.536.713,00

2.557.363,00

2.086.502,00

1.436.183,00

2.339.543,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

728.240,00

894.196,00

751.054,00

671.829,00

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

6.433.629,00

4.433.860,00

4.639.841,00

4.601.714,00

3.936.311,00

1. Trade debtors / accounts receivable:

3.600.969,00

2.724.926,00

3.030.488,00

2.578.482,00

2.381.476,00

2. Accounts receivable, Group companies:

2.105.544,00

1.422.323,00

1.318.256,00

1.857.976,00

1.429.103,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

7.636,00

11.949,00

10.176,00

7.154,00

7.501,00

5. Staff:

0,00

6. Public bodies:

719.480,00

274.662,00

280.921,00

158.101,00

118.231,00

7. Provisions:

0,00

IV. Short-term investments:

82.962,00

81.837,00

400.000,00

0,00

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

400.000,00

0,00

6. Other receivables:

82.962,00

81.837,00

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

924.806,00

777.858,00

1.857.404,00

1.328.748,00

652.016,00

VII. Prepayments and accrued income:

0,00

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

17.834.286,00

15.898.014,00

16.806.997,00

14.925.260,00

15.014.306,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

13.331.782,00

12.138.567,00

11.988.294,00

10.821.452,00

10.802.433,00

I. Subscribed capital:

179.402,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

11.677.256,00

11.649.820,00

11.696.658,00

1. Legal reserve:

35.880,00

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:

11.641.375,00

11.613.939,00

11.660.777,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

-263.646,00

-1.054.608,00

-1.073.626,00

-974.887,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-263.646,00

-1.054.608,00

-1.073.626,00

-974.887,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

1.475.125,00

572.991,00

1.166.841,00

19.019,00

-98.740,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

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:

467.257,00

593.304,00

768.829,00

977.561,00

786.789,00

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

50.000,00

150.000,00

250.000,00

1. Loans and other liabilities:

0,00

50.000,00

150.000,00

250.000,00

2. Long-term liabilities from capital leases:

0,00

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:

467.257,00

593.304,00

718.829,00

827.561,00

536.789,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

467.257,00

593.304,00

718.829,00

827.561,00

536.789,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

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:

4.035.247,00

3.166.142,00

4.049.875,00

3.126.247,00

3.425.083,00

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:

-3.357,00

47.683,00

96.543,00

180.533,00

364.778,00

1. Loans and other liabilities:

-3.357,00

47.683,00

96.543,00

180.533,00

364.778,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

258.552,00

352.567,00

345.915,00

275.632,00

153.930,00

1. Amounts owed to group companies:

258.552,00

352.567,00

345.915,00

275.632,00

153.930,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.168.349,00

2.063.737,00

2.970.353,00

2.139.760,00

2.448.160,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

3.168.349,00

2.063.737,00

2.970.353,00

2.139.760,00

2.448.160,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

611.703,00

702.156,00

637.063,00

530.321,00

458.215,00

1. Public bodies:

115.917,00

108.444,00

104.189,00

82.617,00

112.041,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

126.047,00

125.525,00

125.016,00

127.844,00

19.149,00

4. Wages and salaries payable:

369.740,00

468.187,00

407.859,00

319.861,00

327.025,00

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):

17.834.286,00

15.898.014,00

16.806.997,00

14.925.260,00

15.014.306,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

18.585.693,00

16.878.746,00

15.592.547,00

11.659.846,00

11.642.450,00

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

165.956,00

0,00

377.599,00

63.384,00

A.2. Supplies:

12.118.617,00

11.237.034,00

10.279.023,00

6.934.499,00

7.341.156,00

a) Stock consumption:

-71.805,00

127.858,00

-133.150,00

-22.369,00

-174,00

b) Consumption of raw materials and miscellaneous consumable ones:

12.128.105,00

11.061.260,00

10.357.705,00

6.902.037,00

7.293.092,00

c) Miscellaneous external expenditure:

62.317,00

47.916,00

54.469,00

54.831,00

48.237,00

A.3. Staff costs:

2.325.469,00

2.366.492,00

2.365.919,00

2.124.035,00

2.164.445,00

a) Wages, salaries et al.:

1.887.522,00

1.983.734,00

1.923.595,00

1.746.953,00

1.723.189,00

b) Social security costs:

437.947,00

382.758,00

442.325,00

377.082,00

441.256,00

A.4. Depreciation expense:

287.843,00

257.203,00

241.631,00

285.488,00

306.487,00

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

251.832,00

73.424,00

74.989,00

16.938,00

-34.997,00

a) Stock provision variation:

75.388,00

0,00

b) Variation in provision and bad debt losses:

176.444,00

73.424,00

74.989,00

16.938,00

-34.997,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

3.192.495,00

2.727.399,00

2.530.104,00

1.709.985,00

1.769.766,00

a) External services:

3.126.034,00

2.683.742,00

2.488.136,00

1.642.649,00

1.728.451,00

b) Taxes:

66.460,00

43.657,00

41.969,00

67.337,00

41.314,00

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):

1.008.680,00

331.208,00

749.687,00

0,00

A.7. Financial and similar charges:

11.412,00

17.934,00

37.730,00

29.811,00

32.211,00

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.:

11.412,00

17.934,00

37.730,00

29.811,00

32.211,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

92.222,00

0,00

181.492,00

0,00

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

695.233,00

296.157,00

480.304,00

34.569,00

225.997,00

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

1.703.913,00

627.365,00

1.229.991,00

0,00

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

489,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

2.192,00

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):

3.281,00

52.665,00

0,00

22.824,00

6.767,00

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

1.707.194,00

680.030,00

1.227.309,00

19.019,00

0,00

A.15. Corporation tax:

232.070,00

107.039,00

60.468,00

0,00

A.16. Miscellaneous taxes:

0,00

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

1.475.125,00

572.991,00

1.166.841,00

19.019,00

0,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

20.060.818,00

17.451.738,00

16.759.388,00

11.678.865,00

11.543.710,00

B.1. Net total sales:

18.855.220,00

16.419.161,00

15.629.406,00

11.125.517,00

10.972.140,00

a) Sales:

18.919.969,00

16.475.198,00

15.683.078,00

11.163.722,00

11.009.819,00

b) Rendering of services:

0,00

345,00

0,00

Returns and Rappel on sales:

-64.749,00

-56.382,00

-53.672,00

-38.205,00

-37.678,00

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

0,00

143.142,00

79.226,00

0,00

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

0,00

B.4. Miscellaneous operating income:

495.672,00

430.457,00

532.722,00

284.653,00

306.596,00

a) Auxiliary income and other from current management:

467.072,00

425.957,00

521.675,00

280.071,00

261.415,00

b) Grants:

28.600,00

4.500,00

11.047,00

4.582,00

45.181,00

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

38.374,00

331.504,00

B.5. Income from equity investment:

514.250,00

405.490,00

290.428,00

245.436,00

135.776,00

a) In companies of the group:

514.250,00

405.490,00

290.428,00

245.436,00

135.776,00

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:

659,00

823,00

887,00

435,00

7.251,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

659,00

823,00

887,00

435,00

7.251,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

191.736,00

0,00

226.719,00

0,00

115.181,00

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

0,00

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

0,00

3.805,00

105.507,00

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

486,00

800,00

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

B.12. Extraordinary income:

2.796,00

51.865,00

0,00

22.824,00

6.767,00

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

2.682,00

0,00

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

0,00

98.740,00

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

0,00

98.740,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

1.707.194,00

680.030,00

1.227.309,00

19.019,00

-98.740,00

2. Results adjustments.: 61200

-435.989,00

-110.366,00

-172.049,00

485.887,00

205.708,00

a) Fixed Assets Amortization (+).: 61201

287.843,00

257.203,00

241.631,00

285.488,00

306.487,00

b) Obsolescence Allowances (+/-). : 61202

0,00

74.989,00

16.938,00

34.997,00

d) Allocation of grants (-).: 61204

-28.600,00

-4.500,00

-11.047,00

-4.582,00

0,00

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

0,00

489,00

0,00

g) Financial income (-).: 61207

-514.909,00

-406.313,00

-291.315,00

-435,00

-135.776,00

h) Financial Expenses (+). : 61208

11.412,00

17.934,00

37.730,00

29.811,00

0,00

i) Exchange differences (+/-). : 61209

-191.736,00

92.222,00

-226.719,00

181.492,00

0,00

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

0,00

-66.912,00

2.192,00

-22.824,00

0,00

3. Changes in current capital equity.: 61300

-1.122.029,00

-1.202.510,00

198.160,00

402.087,00

-513.187,00

a) Stock (+/-).: 61301

190.188,00

-486.144,00

-862.696,00

1.258.726,00

-509.060,00

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

-2.231.839,00

119.015,00

50.409,00

-634.619,00

55.192,00

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

919.621,00

-835.381,00

1.010.446,00

-223.287,00

-59.319,00

f) Other non-current assets and liabilities (+/-).: 61306

0,00

1.266,00

0,00

4. Other cash flows for operating activities.: 61400

420.535,00

214.319,00

253.585,00

-245.436,00

135.776,00

a) Interest payments (-). : 61401

-11.412,00

-110.156,00

-37.730,00

0,00

b) Dividend payment collection (+). : 61402

431.288,00

323.653,00

290.428,00

-245.436,00

135.776,00

c) Interest collection (+). : 61403

659,00

823,00

887,00

0,00

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

569.711,00

-418.526,00

1.507.004,00

661.556,00

-270.443,00

6. Payments for investment (-).: 62100

-266.462,00

-465.764,00

-697.345,00

-113.007,00

-735.883,00

b) Intangible fixed assets. : 62102

-8.529,00

-57.704,00

0,00

-2.390,00

0,00

c) Fixed assets. : 62103

-233.934,00

-399.060,00

-297.345,00

-110.616,00

-717.883,00

d) Real estate investment. : 62104

-24.000,00

-9.000,00

0,00

e) Other financial assets. : 62105

0,00

-400.000,00

0,00

h) Other assets. : 62108

0,00

-18.000,00

7. Divestment payment collection (+). : 62200

81.837,00

400.000,00

3.500,00

0,00

a) Companies of the group and affiliates. : 62201

81.837,00

0,00

c) Fixed assets. : 62203

0,00

3.500,00

0,00

e) Other financial assets. : 62205

0,00

400.000,00

0,00

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

-184.625,00

-65.764,00

-693.845,00

-113.007,00

-735.883,00

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

28.600,00

4.500,00

11.047,00

0,00

-374.102,00

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

0,00

1.060.290,00

c) Acquisition of own equity instruments (-). : 63103

0,00

-374.102,00

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

28.600,00

4.500,00

11.047,00

0,00

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

-176.564,00

-223.877,00

-295.550,00

128.182,00

680.479,00

a) Issuance : 63201

0,00

431.575,00

1.962.442,00

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

0,00

1.376.504,00

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

0,00

19.149,00

4. Special characteristic debts (+). : 63205

0,00

566.789,00

5. Other debts (+). : 63206

0,00

431.575,00

0,00

b) Repayment and amortization of : 63207

-176.564,00

-223.877,00

-295.550,00

-303.393,00

-1.281.963,00

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

-51.039,00

-98.861,00

-183.990,00

-284.244,00

-1.281.963,00

5. Other debts (-). : 63212

-125.525,00

-125.016,00

-111.559,00

-19.149,00

0,00

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

-281.910,00

-375.879,00

0,00

a) Dividends (-).: 63301

-281.910,00

-375.879,00

0,00

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

-429.874,00

-595.256,00

-284.503,00

128.182,00

306.377,00

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

191.736,00

0,00

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

146.948,00

-1.079.547,00

528.657,00

676.732,00

-699.949,00

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

777.858,00

1.857.404,00

1.328.748,00

652.016,00

1.351.965,00

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

924.806,00

777.858,00

1.857.404,00

1.328.748,00

652.016,00

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 %

-0,07 %

0,00 %

111,85 %

EBITDA over Sales:

6,88 %

9,22 %

3,58 %

10,07 %

91,88 %

-8,46 %

Cash Flow Yield:

0,01 %

0,00 %

-0,07 %

0,00 %

112,10 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

6,95 %

5,24 %

2,64 %

6,93 %

163,42 %

-24,32 %

Total economic profitability:

9,84 %

2,51 %

4,50 %

4,15 %

118,93 %

-39,54 %

Financial profitability:

11,38 %

1,33 %

4,87 %

5,82 %

133,74 %

-77,17 %

Margin:

5,22 %

4,84 %

1,97 %

6,36 %

164,67 %

-23,95 %

Mark-up:

8,81 %

1,62 %

3,73 %

4,71 %

136,26 %

-65,55 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,23

0,12

0,25

0,11

-6,72

9,65

Acid Test:

1,84

0,86

1,67

0,83

10,25

2,94

Working Capital / Investment:

0,39

0,03

0,37

0,03

5,77

9,05

Solvency:

2,69

1,18

2,81

1,16

-4,26

1,38

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,35

1,63

0,32

1,66

8,74

-1,71

Borrowing Composition:

0,12

1,03

0,19

1,04

-38,21

-0,92

Repayment Ability:

30,64

160,38

-3,48

827,31

979,85

-80,61

Warranty:

3,88

1,62

4,13

1,61

-6,09

0,69

Generated resources / Total creditors:

0,41

0,07

0,22

0,07

84,89

-3,98

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,56

1,72

1,25

1,75

24,74

-1,64

Turnover of Collection Rights :

3,01

4,82

3,80

4,48

-20,81

7,63

Turnover of Payment Entitlements:

3,94

3,52

4,74

3,26

-16,95

7,93

Stock rotation:

5,39

6,61

4,60

6,04

17,24

9,48

Assets turnover:

1,33

1,08

1,34

1,09

-0,47

-0,49

Borrowing Cost:

0,25

2,95

0,48

2,93

-46,87

0,65

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,01 %

-0,07 %

0,03 %

6,08 %

-6,38 %

EBITDA over Sales:

6,88 %

3,58 %

6,34 %

2,22 %

-0,23 %

Cash Flow Yield:

0,01 %

-0,07 %

0,03 %

4,65 %

-4,78 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

6,95 %

2,64 %

5,69 %

-0,33 %

-2,82 %

Total economic profitability:

9,84 %

4,50 %

7,70 %

0,34 %

-0,45 %

Financial profitability:

11,38 %

4,87 %

10,05 %

0,18 %

-0,95 %

Margin:

5,22 %

1,97 %

4,64 %

-0,34 %

-2,94 %

Mark-up:

8,81 %

3,73 %

7,61 %

-0,03 %

1,94 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,23

0,25

0,46

0,43

0,19

Acid Test:

1,84

1,67

1,70

1,90

1,34

Working Capital / Investment:

0,39

0,37

0,36

0,35

0,32

Solvency:

2,69

2,81

2,47

2,62

2,36

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,35

0,32

0,41

0,39

0,40

Borrowing Composition:

0,12

0,19

0,31

0,23

Repayment Ability:

30,64

-3,48

9,11

8,13

6,49

Warranty:

3,88

4,13

3,41

3,55

3,48

Generated resources / Total creditors:

0,41

0,22

0,29

0,07

0,05

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,56

1,25

1,42

1,12

0,99

Turnover of Collection Rights :

3,01

3,80

3,48

2,48

2,87

Turnover of Payment Entitlements:

3,94

4,74

3,39

2,94

2,96

Stock rotation:

5,39

4,60

4,96

5,10

3,31

Assets turnover:

1,33

1,34

1,23

0,98

0,96

Borrowing Cost:

0,25

0,48

0,78

0,73

0,76

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

INSTITUT CATALA D'ENEGIA

Status

CONCEDIDA

Amount Granted

28.600,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

GENERALITAT DE CATALUNYA

Status

CONCEDIDA

Amount Granted

4.500,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

MINISTERIO DE CIENCIA E INNOVACION

Status

CONCEDIDA

Amount Granted

11.047,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

MINISTERIO DE INDUSTRIA

Status

CONCEDIDA

Amount Granted

11.047,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

MINISTERIO DE INDUSTRIA

Status

CONCEDIDA

Amount Granted

-6.464,76

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

85.000,00

Research Summary

Medium sized company dedicated to the manufacture of dyes and pigments, composed in German business group in this sector, which has been operating for several years without incidents.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.86
UK Pound	1	Rs.102.67
Euro	1	Rs.81.69

INFORMATION DETAILS

Analysis Done by :	DIV

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

Company name and address

Defaults, Legal Claims and Insolvency Proceedings

Partners

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

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

Research Summary

Sources

Unit