MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	PASAPESCA SA

Registered Office :	Poligono Ind. Pratense, C/111 S/N, Prat De Llobregat (El), Barcelona 08820

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	13.02.1975

Legal Form :	Public Company

Line of Business :	Marketing of fish and sea-food, as well as other frozen products.

No. of Employees :	54

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

PASAPESCA SA

NIF / Fiscal code:

A08373102

Status:

ACTIVE

Incorporation Date:

13/02/1975

Register Data

Last Publication in BORME:

23/08/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

615.544,20

Localization:

POLIGONO IND. PRATENSE, C/111 S/N - PRAT DE LLOBREGAT (EL) - 08820 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 934 79 16 40 Email. pasapesca@pasapesca.es Website. www.pasapesca.es

Activity:

NACE:

4638 - Wholesale of other food, including fish, crustaceans and molluscs

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

6 for a total cost of 855547.08

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

AUTOCARTERA

LOS MIEMBROS DEL CONSEJO DE ADMINISTRACION

Identification

Social Denomination:

PASAPESCA SA

NIF / Fiscal code:

A08373102

Corporate Status:

ACTIVE

Start of activity:

1975

Registered Office:

POLIGONO IND. PRATENSE, C/111 S/N

Locality:

PRAT DE LLOBREGAT (EL)

Province:

BARCELONA

Postal Code:

08820

Telephone:

934 79 16 40

Fax:

934 78 36 73

Website:

www.pasapesca.es

Email:

pasapesca@pasapesca.es

Interviewed Person:

Administration, few data.

Activity

NACE:

4638

Additional Information:

Marketing of fish and sea-food, as well as other frozen products.

Additional Address:

With a storehouse of 30.000 m3 with freezing temperature 3,000 m3 of storage freezing temperature and about 7,000 m2 for offices and loading and unloading docks.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Increase of Capital (1)

1991

Accounts deposit (ejer. 1990) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (2) Change of Social Purpose (1) Statutory Modifications (1)

1993

Accounts deposit (ejer. 1992) Appointments/ Re-elections (2)

1994

Accounts deposit (ejer. 1993) Cessations/ Resignations/ Reversals (1)

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1997)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (2)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (3)

2001

Accounts deposit (ejer. 2000) Change of Social address (1) Increase of Capital (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (ejer. 2002)

2005

Accounts deposit (ejer. 2003, 2004) Appointments/ Re-elections (2)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2008

Appointments/ Re-elections (1) Capital Reduction (1)

2009

Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (1) Capital Reduction (1) Statutory Modifications (1)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Take-over Merger (3)

2012

Accounts deposit (ejer. 2011) Cessations/ Resignations/ Reversals (1)

2013

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

Breakdown of Owners' Equity

Registered Capital:

615.544,20

Paid up capital:

615.544,20

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

22/02/1990

Increase of Capital

414.698

751.265

25/01/2001

Increase of Capital

187.813

939.063

18/12/2009

Capital Reduction

-323.518

615.544

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

PAUNER CORBETO MARC

16/08/2013

MEMBER OF THE BOARD

PAUNER CORBETO FERRAN

31/05/2010

PAUNER CORBETO MARCO

31/05/2010

VAZQUEZ ARIAS JOSE LUIS

31/05/2010

PAUNER CORBETO RAFAEL

31/05/2010

PAUNER CORBETO MARC

19/06/2007

PROXY

PAUNER CORBETO FERRAN

30/08/2011

PAUNER CORBETO MARCO

03/10/2006

PAUNER CORBETO MARC

07/07/1999

PAUNER CORBETO RAFAEL

11/02/1997

CHIEF EXECUTIVE OFFICER

PAUNER CORBETO MARCO

31/05/2010

SECRETARY

VAZQUEZ ARIAS JOSE LUIS

31/05/2010

ACCOUNTS' AUDITOR / HOLDER

TARRES SINFREU FRANCISCO

13/08/2009

DEPUTY ACCOUNTS' AUDITOR

JOSEP PONSA VILALTA

13/08/2009

LAWYER (ADVISER)

ARENAS GUIX JERONIMO

02/08/1991

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

COT COLL VICTOR

PROXY

11/11/1993

PROXY

11/11/1993

PROXY

10/02/2012

GAY LORENTE VICTOR

ACCOUNTS' AUDITOR / HOLDER

19/08/1999

ACCOUNTS' AUDITOR / HOLDER

22/08/2000

ACCOUNTS' AUDITOR / HOLDER

26/07/2002

ACCOUNTS' AUDITOR / HOLDER

12/11/2002

GONZALEZ FERNANDEZ DOMINGO

MEMBER OF THE BOARD

30/08/2000

MEMBER OF THE BOARD

19/06/2007

MEMBER OF THE BOARD

17/08/2005

GUELL CARAFI SANTIAGO

NON CONSELLOR SECRETARY

02/08/1991

JOVER BERENGUER LUIS MARIA

MEMBER OF THE BOARD

19/06/2007

MEMBER OF THE BOARD

26/07/2002

CHIEF EXECUTIVE OFFICER

26/07/2002

PRESIDENT

15/04/1991

MEMBER OF THE BOARD

11/02/1997

CHIEF EXECUTIVE OFFICER

11/02/1997

MARTINEZ MOLINA PASCUAL

PROXY

10/02/2012

MONTSERRAT CLARAMUNT LUIS

PROXY

19/04/1994

NON CONSELLOR SECRETARY

11/02/1997

PAUNER CORBETO FERRAN

MEMBER OF THE BOARD

19/06/2007

MEMBER OF THE BOARD

31/05/2010

PAUNER CORBETO MARC

MEMBER OF THE BOARD

19/06/2007

MEMBER OF THE BOARD

21/08/1997

MEMBER OF THE BOARD

12/11/2002

PAUNER CORBETO RAFAEL

MEMBER OF THE BOARD

31/05/2010

NON CONSELLOR SECRETARY

31/05/2010

NON CONSELLOR ASSISTANT SECRETARY

11/02/1997

PAUNER HERRERO RAFAEL

MEMBER OF THE BOARD

17/08/2005

CHIEF EXECUTIVE OFFICER

17/08/2005

PRESIDENT

17/08/2005

PRESIDENT

30/08/2000

CHIEF EXECUTIVE OFFICER

30/08/2000

MEMBER OF THE BOARD

30/08/2000

MEMBER OF THE BOARD

25/09/1995

CHIEF EXECUTIVE OFFICER

25/09/1995

PRESIDENT

25/09/1995

PRESIDENT

31/05/2010

CHIEF EXECUTIVE OFFICER

31/05/2010

MEMBER OF THE BOARD

31/05/2010

MEMBER OF THE BOARD

16/08/2013

CHIEF EXECUTIVE OFFICER

16/08/2013

PRESIDENT

16/08/2013

PONSA VILALTA JOSEP

ACCOUNTS' AUDITOR / HOLDER

09/08/2005

ACCOUNTS' AUDITOR / HOLDER

07/08/2006

ACCOUNTS' AUDITOR / HOLDER

09/08/2007

ACCOUNTS' AUDITOR / HOLDER

08/08/2008

ACCOUNTS' AUDITOR / HOLDER

13/08/2009

DEPUTY ACCOUNTS' AUDITOR

19/08/1999

DEPUTY ACCOUNTS' AUDITOR

22/08/2000

DEPUTY ACCOUNTS' AUDITOR

26/07/2002

DEPUTY ACCOUNTS' AUDITOR

12/11/2002

SIGMA AUDITORS I CONSULTORS SL

DEPUTY ACCOUNTS' AUDITOR

09/08/2005

SIGMA CONSULTORS Y AUDITORS SL

DEPUTY ACCOUNTS' AUDITOR

07/08/2006

DEPUTY ACCOUNTS' AUDITOR

09/08/2007

DEPUTY ACCOUNTS' AUDITOR

08/08/2008

TARRES SINFREU FRANCISCO

DEPUTY ACCOUNTS' AUDITOR

13/08/2009

VAZQUEZ ARIAS JOSE LUIS

MEMBER OF THE BOARD

31/05/2010

PROXY

10/02/2012

PROXY

11/11/1993

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

JOSE LUIS VAZQUEZ HERRERO

MANAGING DIRECTOR

RAFAEL PAOMES HERRERO

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

---

18/03/2010

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 irregular payment performance has been detected based on information obtained from credit bureaus.

Adequate level of financial autonomy. The financial autonomy of the entity represents the 34.05 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

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

Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale.

Related companies without judicial claims . Neither judicial, administrative claims nor serious actions against companies related to the entity have been published in BORME, which indicates a tendency to meet their obligations.

The current debt represents a 58.27 of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

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

Immediate solvency is significantly lower than that of the previous fiscal year.

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

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.635 %

> Latest Rating Changes :

Sector in which comparison is carried out :

463 Wholesale of food, beverages and tobacco

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 58.00% of the companies of the sector PASAPESCA 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 2.635%.

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

3 Legal Claims for a total cost of 295,94 E

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

Incidences Detailed

Incidences with the Social Security

BY THE SOCIAL SECURITY DE BARCELONA - Date 18/03/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03082009074891763

Amount of the incidence:

120,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

MC DEL PEIX CA N.45; BARCELONA C.P.:08040

Source:

B.O.P. BARCELONA Nº69, 2010 PAGINA 79

BY THE SOCIAL SECURITY DE BARCELONA - Date 18/03/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03082009075439007

Amount of the incidence:

120,00 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

MC DEL PEIX CA N.45; BARCELONA C.P.:08040

Source:

B.O.P. BARCELONA Nº69, 2010 PAGINA 79

BY THE SOCIAL SECURITY DE BARCELONA - Date 18/03/2010

Last Published Stage:

EXECUTION NOTIFICATION

Record Number:

03082009082324185

Amount of the incidence:

55,94 E

Requested by:

SEGURIDAD SOCIAL

Published domicile:

MC DEL PEIX CA N.45; BARCELONA C.P.:08040

Source:

B.O.P. BARCELONA Nº69, 2010 PAGINA 79

Link List

ABSORBS TO:

1 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

AUTOCARTERA

LOS MIEMBROS DEL CONSEJO DE ADMINISTRACION

PARTICIPATES IN

NAT PRODUCTS SL

BARCELONA

100

MERCA TRADE SA

BARCELONA

87.81

> Other relationships

Relationship

Entity

Province

Shareholding stake

ABSORBS TO

AYFRET ICE SL

BARCELONA

Turnover

Total Sales 2013

24.500.000

Estimated Balance

Prev. 2013 Non current assets 3.700.000 Current assets 10.000.000 Equity 4.600.000 Non current liabilities 950.000 Current liabilities 8.150.000 Total assets and liabilities 13.700.000 Sales 2013 24.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

December 2013

2011

Normales

July 2012

2010

Normales

October 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

December 2008

2006

Normales

September 2007

2005

Normales

August 2006

2004

Normales

September 2005

2003

Normales

December 2004

2002

Normales

August 2003

2001

Normales

November 2002

2000

Normales

August 2001

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

September 1998

1996

Normales

August 1997

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

October 1994

1992

Normales

October 1993

1991

Normales

July 1992

1990

Normales

September 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, 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

3.967.515,00

4.264.236,00

3.606.687,00

3.830.292,00

3.862.198,00

I. Intangible fixed assets : 11100

115.775,00

149.351,00

182.957,00

207.579,00

186.813,00

1. Development: 11110

0,00

2. Concessions: 11120

102.663,00

115.859,00

129.055,00

142.251,00

155.447,00

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

0,00

62,00

448,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

13.112,00

33.491,00

53.902,00

65.265,00

983,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

29.934,00

II. Tangible fixed assets : 11200

1.957.044,00

2.134.912,00

2.032.022,00

2.297.671,00

2.550.764,00

1. Land and buildings: 11210

1.303.954,00

1.379.184,00

1.538.593,00

1.697.902,00

1.862.170,00

2. Technical installations and other tangible fixed assets: 11220

653.090,00

755.728,00

493.429,00

599.770,00

688.594,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

1.814.277,00

1.899.027,00

1.310.761,00

1.245.160,00

1.045.160,00

1. Equity instruments: 11410

1.731.027,00

1.275.160,00

1.245.160,00

1.045.160,00

2. Credits to businesses: 11420

83.250,00

168.000,00

35.601,00

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

80.419,00

80.946,00

79.882,00

79.461,00

1. Equity instruments: 11510

74.761,00

76.264,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

5.658,00

4.683,00

3.618,00

3.197,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

9.909.222,00

9.727.162,00

11.500.131,00

8.965.348,00

8.823.008,00

I. Non-current assets held for sale : 12100

20.524,00

0,00

II. Stocks: 12200

5.629.162,00

4.023.830,00

4.895.690,00

3.756.218,00

4.586.977,00

1. Commercial: 12210

5.554.400,00

3.572.364,00

4.646.276,00

3.720.698,00

4.494.946,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

74.762,00

451.466,00

249.414,00

35.520,00

92.031,00

III. Trade debtors and others receivable accounts: 12300

4.162.976,00

5.039.024,00

5.675.469,00

4.984.859,00

3.935.804,00

1. Trade debtors / accounts receivable: 12310

3.135.849,00

3.664.577,00

3.609.196,00

3.364.078,00

3.601.337,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.135.849,00

3.664.577,00

3.609.196,00

3.364.078,00

3.601.337,00

2. Customers, Group companies and associates : 12320

979.696,00

1.348.837,00

2.036.268,00

1.620.231,00

296.820,00

3. Other accounts receivable: 12330

0,00

6.000,00

120,00

0,00

4. Personnel: 12340

2.400,00

3.550,00

3.859,00

550,00

1.528,00

5. Assets for deferred tax: 12350

3.921,00

16.059,00

0,00

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

41.110,00

0,00

26.026,00

0,00

36.119,00

7. Called up share capital: 12370

0,00

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

0,00

31.817,00

74.399,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

31.817,00

74.399,00

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

45.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

45.000,00

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

36.051,00

227,00

4.413,00

24.450,00

VII. Cash and other equivalent liquid assets : 12700

51.560,00

596.441,00

854.347,00

219.858,00

275.776,00

1. Treasury: 12710

51.560,00

596.441,00

854.347,00

219.858,00

275.776,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

13.876.737,00

13.991.398,00

15.106.818,00

12.795.641,00

12.685.206,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

4.747.135,00

5.105.384,00

5.242.746,00

5.087.452,00

5.127.237,00

A-1) Shareholders' equity: 21000

4.724.548,00

5.097.938,00

5.227.420,00

5.064.244,00

5.026.146,00

I. Capital: 21100

615.544,00

939.063,00

1. Registered capital : 21110

615.544,00

939.063,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.482.394,00

4.478.955,00

4.448.700,00

4.410.602,00

6.077.499,00

1. Legal y estatutarias: 21310

123.109,00

187.813,00

2. Other reserves: 21320

4.359.285,00

4.355.846,00

4.325.591,00

4.287.493,00

5.889.687,00

IV. (Common stock equity): 21400

0,00

-2.004.341,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-373.390,00

3.439,00

163.176,00

38.098,00

13.925,00

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

22.587,00

7.445,00

15.327,00

23.208,00

101.091,00

B) NON-CURRENT LIABILITIES: 31000

1.043.662,00

1.275.133,00

1.132.750,00

1.245.355,00

1.396.187,00

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

1.026.707,00

1.259.973,00

1.110.773,00

1.215.883,00

1.329.446,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.026.707,00

1.186.973,00

1.037.773,00

1.138.718,00

1.256.446,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

73.000,00

77.166,00

73.000,00

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

0,00

IV. Liabilities for deferred tax: 31400

16.955,00

15.160,00

21.977,00

29.471,00

66.741,00

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

8.085.941,00

7.610.882,00

8.731.322,00

6.462.834,00

6.161.782,00

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

3.935.163,00

2.836.706,00

2.556.438,00

2.786.910,00

2.495.111,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

3.935.163,00

2.836.706,00

2.556.438,00

2.786.910,00

2.495.111,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.076.761,00

4.774.176,00

6.174.884,00

3.675.924,00

3.666.671,00

1. Suppliers: 32510

3.608.834,00

4.249.496,00

5.498.235,00

3.030.703,00

3.015.875,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.608.834,00

4.249.496,00

5.498.235,00

3.030.703,00

3.015.875,00

2. Suppliers, Group companies and associates: 32520

0,00

80.982,00

59.663,00

5.032,00

0,00

3. Other creditors: 32530

386.337,00

339.184,00

446.519,00

500.718,00

544.927,00

4. Personnel (remuneration due): 32540

24.295,00

17.018,00

317,00

10.982,00

22.072,00

5. Liabilities for current tax: 32550

0,00

24.187,00

10.253,00

4.741,00

6. Otras deudas con las Administraciones Públicas. : 32560

57.295,00

87.495,00

64.080,00

115.904,00

79.057,00

7. Advances from clients: 32570

0,00

81.884,00

2.334,00

0,00

VI. Short-term accruals: 32600

74.017,00

0,00

VII. Special short-term debts : 32700

0,00

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

13.876.737,00

13.991.398,00

15.106.818,00

12.795.641,00

12.685.206,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

25.385.470,00

28.411.114,00

27.791.927,00

23.172.709,00

21.060.272,00

a) Sales: 40110

24.837.851,00

27.389.944,00

26.632.288,00

21.998.264,00

20.122.303,00

b) Rendering of services: 40120

547.618,00

1.021.170,00

1.159.640,00

1.174.445,00

937.969,00

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

0,00

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

0,00

4. Supplies : 40400

-21.767.980,00

-23.991.714,00

-23.196.522,00

-19.050.658,00

-16.786.632,00

a) Stock consumption: 40410

-21.556.278,00

-23.877.546,00

-23.009.328,00

-18.736.931,00

-15.797.616,00

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

-51.475,00

-61.905,00

-89.552,00

-158.980,00

-155.313,00

c) Works carried out by other companies: 40430

-160.227,00

-52.263,00

-97.642,00

-154.747,00

-833.703,00

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

0,00

5. Other operating income: 40500

778,00

869,00

2.115,00

5.484,00

0,00

a) Auxiliary income and other from current management: 40510

0,00

1.480,00

3.221,00

0,00

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

778,00

869,00

635,00

2.263,00

0,00

6. Personnel costs: 40600

-2.097.175,00

-2.138.605,00

-2.200.594,00

-2.127.950,00

-2.193.869,00

a) Wages, salaries et al.: 40610

-1.691.072,00

-1.709.569,00

-1.765.042,00

-1.709.337,00

-1.769.345,00

b) Social security costs: 40620

-406.104,00

-429.036,00

-435.551,00

-418.614,00

-424.524,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.548.941,00

-1.849.909,00

-1.683.192,00

-1.678.205,00

-1.655.103,00

a) External services: 40710

-1.457.739,00

-1.731.950,00

-1.582.313,00

-1.603.388,00

-1.587.968,00

b) Taxes: 40720

-54.238,00

-47.048,00

-41.491,00

-42.067,00

-46.246,00

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

-36.964,00

-70.910,00

-59.388,00

-29.944,00

-20.890,00

d) Other current management expenditure : 40740

0,00

-2.806,00

0,00

8. Amortisation of fixed assets: 40800

-214.280,00

-309.884,00

-310.245,00

-303.633,00

-315.208,00

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

21.191,00

11.259,00

111.261,00

113.360,00

10. Excess provisions : 41000

0,00

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

1.695,00

0,00

-19.700,00

575,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

1.695,00

0,00

-19.700,00

575,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

4.891,00

22.187,00

0,00

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

-219.243,00

133.130,00

399.939,00

151.771,00

222.820,00

14. Financial income : 41400

29.279,00

20.307,00

16.690,00

20.496,00

25.278,00

a) Of shares in equity instruments : 41410

4.095,00

0,00

10.906,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

4.095,00

0,00

10.906,00

b) From negotiable securities and other financial instruments : 41420

25.184,00

20.307,00

16.690,00

20.496,00

14.372,00

b 1) From Group companies and associates : 41421

16.142,00

10.186,00

13.877,00

17.655,00

0,00

b 2) From third parties : 41422

9.042,00

10.121,00

2.813,00

2.841,00

14.372,00

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

0,00

15. Financial expenditure: 41500

-160.918,00

-97.946,00

-58.828,00

-109.620,00

-211.625,00

a) Amounts owed to Group companies and associates : 41510

0,00

-79,00

0,00

b) For debts with third parties : 41520

-160.918,00

-97.946,00

-58.749,00

-109.620,00

-211.625,00

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

-15.063,00

172.632,00

-124.693,00

-7.967,00

-17.460,00

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

0,00

-228.123,00

0,00

a) Impairment and losses : 41810

0,00

-228.123,00

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

-146.703,00

-133.130,00

-166.831,00

-97.091,00

-203.807,00

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

-365.946,00

0,00

233.108,00

54.679,00

19.013,00

20. Income taxes: 41900

-7.444,00

3.439,00

-69.932,00

-16.581,00

-5.087,00

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

-373.390,00

3.439,00

163.176,00

38.098,00

13.925,00

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

0,00

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

-373.390,00

3.439,00

163.176,00

38.098,00

13.925,00

> 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, 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:

3.988.040,00

4.264.236,00

3.606.687,00

3.830.292,00

5.866.539,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

115.775,00

149.351,00

182.957,00

207.579,00

186.813,00

1. Research and development costs:

0,00

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

102.663,00

115.859,00

129.055,00

142.314,00

155.896,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

29.934,00

5. Software:

13.112,00

33.491,00

53.902,00

65.265,00

983,00

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:

1.977.569,00

2.134.912,00

2.032.022,00

2.297.671,00

2.550.764,00

1. Land and construction:

1.324.478,00

1.379.184,00

1.538.593,00

1.697.902,00

1.862.170,00

2. Technical installations and machinery:

208.363,00

241.109,00

157.425,00

191.352,00

219.690,00

3. Other installations, tools and furniture:

294.223,00

340.462,00

222.294,00

270.201,00

310.217,00

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

0,00

5. Other tangible assets:

150.504,00

174.157,00

113.710,00

138.217,00

158.686,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.894.696,00

1.979.973,00

1.391.708,00

1.325.042,00

1.124.621,00

1. Equity investments in group companies:

1.731.027,00

1.275.160,00

1.245.160,00

1.045.160,00

2. Receivables from group companies:

83.250,00

168.000,00

35.601,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

74.761,00

76.264,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

5.658,00

4.683,00

3.618,00

3.197,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

2.004.341,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

9.888.698,00

9.727.162,00

11.500.131,00

8.965.348,00

8.823.008,00

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

0,00

II. Stocks:

5.629.162,00

4.023.830,00

4.895.690,00

3.756.218,00

4.586.977,00

1. Goods for resale:

5.554.400,00

3.572.364,00

4.646.276,00

3.720.698,00

4.494.946,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

74.762,00

451.466,00

249.414,00

35.520,00

92.031,00

7. Provisions:

0,00

III. Debtors:

4.162.976,00

5.039.024,00

5.675.469,00

4.984.859,00

3.935.804,00

1. Trade debtors / accounts receivable:

3.135.849,00

3.664.577,00

3.609.196,00

3.364.078,00

3.601.337,00

2. Accounts receivable, Group companies:

979.696,00

1.348.837,00

2.036.268,00

1.620.231,00

296.820,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

6.000,00

120,00

0,00

5. Staff:

2.400,00

3.550,00

3.859,00

550,00

1.528,00

6. Public bodies:

45.030,00

16.059,00

26.026,00

0,00

36.119,00

7. Provisions:

0,00

IV. Short-term investments:

45.000,00

31.817,00

74.399,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

31.817,00

74.399,00

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:

45.000,00

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:

51.560,00

596.441,00

854.347,00

219.858,00

275.776,00

VII. Prepayments and accrued income:

0,00

36.051,00

227,00

4.413,00

24.450,00

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

13.876.737,00

13.991.398,00

15.106.818,00

12.795.641,00

14.689.546,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

4.731.324,00

5.100.172,00

5.232.018,00

5.071.207,00

7.060.814,00

I. Subscribed capital:

615.544,00

939.063,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.489.170,00

4.481.188,00

4.453.298,00

4.417.564,00

6.107.826,00

1. Legal reserve:

123.109,00

187.813,00

2. Reserves for own shares:

1.484.621,00

1.484.211,00

1.475.469,00

1.464.848,00

2.022.609,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.881.429,00

2.873.858,00

2.854.709,00

2.829.596,00

3.897.390,00

Differences due to capital adjustement to euros:

11,00

15,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-373.390,00

3.439,00

163.176,00

38.098,00

13.925,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

15.811,00

5.212,00

10.729,00

16.246,00

70.764,00

1. Capital grants:

15.811,00

5.212,00

10.729,00

16.246,00

70.764,00

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:

1.043.662,00

1.275.133,00

1.132.750,00

1.245.355,00

1.396.187,00

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:

1.026.707,00

1.186.973,00

1.037.773,00

1.138.718,00

1.256.446,00

1. Loans and other liabilities:

1.026.707,00

1.186.973,00

1.037.773,00

1.138.718,00

1.256.446,00

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:

16.955,00

88.160,00

94.977,00

106.637,00

139.741,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

73.000,00

77.166,00

73.000,00

4. Long term payables to public bodies:

16.955,00

15.160,00

21.977,00

29.471,00

66.741,00

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:

8.085.941,00

7.610.882,00

8.731.322,00

6.462.834,00

6.161.782,00

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:

3.935.163,00

2.836.706,00

2.556.438,00

2.786.910,00

2.495.111,00

1. Loans and other liabilities:

3.935.163,00

2.836.706,00

2.556.438,00

2.786.910,00

2.495.111,00

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:

0,00

80.982,00

59.663,00

5.032,00

0,00

1. Amounts owed to group companies:

0,00

80.982,00

59.663,00

5.032,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.995.171,00

4.588.680,00

6.026.637,00

3.533.754,00

3.560.801,00

1. Advanced payments from customers:

0,00

81.884,00

2.334,00

0,00

2. Amounts owed for purchases of goods or services:

3.995.171,00

4.588.680,00

5.944.753,00

3.531.420,00

3.560.801,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

81.590,00

104.514,00

88.584,00

137.138,00

105.869,00

1. Public bodies:

57.295,00

87.495,00

88.266,00

126.156,00

83.798,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

24.295,00

17.018,00

317,00

10.982,00

22.072,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

74.017,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

13.876.737,00

13.991.398,00

15.106.818,00

12.795.641,00

14.689.546,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

25.811.802,00

28.612.742,00

27.663.707,00

23.294.614,00

21.184.985,00

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

0,00

A.2. Supplies:

21.767.980,00

23.991.714,00

23.196.522,00

19.050.658,00

16.786.632,00

a) Stock consumption:

21.556.278,00

23.877.546,00

23.009.328,00

18.736.931,00

15.797.616,00

b) Consumption of raw materials and miscellaneous consumable ones:

51.475,00

61.905,00

89.552,00

158.980,00

155.313,00

c) Miscellaneous external expenditure:

160.227,00

52.263,00

97.642,00

154.747,00

833.703,00

A.3. Staff costs:

2.097.175,00

2.138.605,00

2.200.594,00

2.127.950,00

2.193.869,00

a) Wages, salaries et al.:

1.691.072,00

1.709.569,00

1.765.042,00

1.709.337,00

1.769.345,00

b) Social security costs:

406.104,00

429.036,00

435.551,00

418.614,00

424.524,00

A.4. Depreciation expense:

214.280,00

309.884,00

310.245,00

303.633,00

315.208,00

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

36.964,00

70.910,00

59.388,00

29.944,00

20.890,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

36.964,00

70.910,00

59.388,00

29.944,00

20.890,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.511.977,00

1.778.999,00

1.623.804,00

1.648.261,00

1.634.213,00

a) External services:

1.457.739,00

1.731.950,00

1.582.313,00

1.603.388,00

1.587.968,00

b) Taxes:

54.238,00

47.048,00

41.491,00

42.067,00

46.246,00

c) Other operating expenses:

0,00

2.806,00

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):

0,00

121.871,00

403.489,00

17.747,00

109.460,00

A.7. Financial and similar charges:

160.918,00

97.946,00

58.828,00

109.620,00

211.625,00

a) Due to liabilities with companies of the group:

0,00

79,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

160.918,00

97.946,00

58.749,00

109.620,00

211.625,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

228.123,00

0,00

A.9. Exchange losses:

15.063,00

0,00

124.693,00

7.967,00

17.460,00

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

0,00

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

0,00

236.658,00

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

19.700,00

0,00

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):

22.886,00

11.259,00

0,00

134.024,00

113.360,00

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

0,00

233.108,00

54.679,00

19.013,00

A.15. Corporation tax:

7.444,00

-3.439,00

69.932,00

16.581,00

5.087,00

A.16. Miscellaneous taxes:

0,00

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

0,00

163.176,00

38.098,00

13.925,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

25.438.412,00

28.616.181,00

27.826.882,00

23.332.712,00

21.198.910,00

B.1. Net total sales:

25.385.470,00

28.411.114,00

27.791.927,00

23.172.709,00

21.060.272,00

a) Sales:

24.906.817,00

27.465.995,00

26.706.236,00

22.059.345,00

20.178.175,00

b) Rendering of services:

547.618,00

1.021.170,00

1.159.640,00

1.174.445,00

937.969,00

Returns and Rappel on sales:

-68.966,00

-76.052,00

-73.948,00

-61.081,00

-55.872,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

778,00

869,00

2.115,00

5.484,00

0,00

a) Auxiliary income and other from current management:

0,00

1.480,00

3.221,00

0,00

b) Grants:

778,00

869,00

635,00

2.263,00

0,00

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):

242.129,00

0,00

B.5. Income from equity investment:

4.095,00

0,00

10.906,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

4.095,00

0,00

10.906,00

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:

25.184,00

20.307,00

16.690,00

20.496,00

14.372,00

a) From companies of the group:

16.142,00

10.186,00

13.877,00

17.655,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

9.042,00

10.121,00

2.813,00

2.841,00

14.372,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

172.632,00

0,00

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

146.703,00

133.130,00

166.831,00

97.091,00

203.807,00

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

388.832,00

11.259,00

0,00

79.345,00

94.347,00

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

1.695,00

0,00

575,00

0,00

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

0,00

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

21.191,00

11.259,00

111.261,00

113.360,00

B.12. Extraordinary income:

0,00

4.891,00

22.187,00

0,00

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

3.550,00

0,00

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

365.946,00

0,00

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

373.390,00

0,00

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

-365.946,00

0,00

233.108,00

54.679,00

19.013,00

2. Results adjustments.: 61200

323.034,00

651.295,00

431.334,00

289.463,00

388.195,00

a) Fixed Assets Amortization (+).: 61201

214.280,00

309.884,00

310.245,00

303.633,00

315.208,00

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

0,00

70.910,00

58.162,00

0,00

d) Allocation of grants (-).: 61204

-21.191,00

-11.259,00

-111.261,00

-113.360,00

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

-1.695,00

0,00

32.048,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

-4.095,00

0,00

g) Financial income (-).: 61207

-25.184,00

-10.186,00

-16.690,00

-20.496,00

-25.278,00

h) Financial Expenses (+). : 61208

160.919,00

63.822,00

58.828,00

109.620,00

211.625,00

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

0,00

7.967,00

0,00

j) Reasonable Value Variation in Financial Instruments (+/-).: 61210

0,00

228.123,00

0,00

3. Changes in current capital equity.: 61300

-1.348.448,00

7.839,00

476.707,00

-204.736,00

-739.713,00

a) Stock (+/-).: 61301

-1.605.332,00

871.860,00

-1.139.471,00

830.759,00

-185.292,00

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

844.231,00

636.445,00

-798.634,00

-1.059.274,00

425.303,00

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

36.051,00

-35.824,00

-70.212,00

20.037,00

-24.450,00

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

-623.398,00

-1.464.641,00

2.485.025,00

3.742,00

-955.274,00

4. Other cash flows for operating activities.: 61400

-135.735,00

-77.823,00

-52.390,00

-93.865,00

-186.347,00

a) Interest payments (-). : 61401

-160.919,00

-63.822,00

-58.828,00

-109.620,00

-211.625,00

b) Dividend payment collection (+). : 61402

0,00

14.372,00

c) Interest collection (+). : 61403

25.184,00

10.186,00

16.690,00

20.496,00

10.906,00

d) Income tax payment collection (payments) (+/-).: 61404

0,00

-24.187,00

-10.253,00

-4.741,00

0,00

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

-1.527.094,00

581.311,00

1.088.759,00

45.541,00

-518.853,00

6. Payments for investment (-).: 62100

-24.336,00

-1.249.167,00

-118.689,00

-271.727,00

-1.100.895,00

a) Companies of the group and affiliates. : 62101

0,00

-870.000,00

-65.601,00

-200.000,00

-1.043.150,00

b) Intangible fixed assets. : 62102

0,00

-7.747,00

-43.836,00

-29.934,00

c) Fixed assets. : 62103

-23.361,00

-379.167,00

-44.276,00

-27.471,00

-27.810,00

d) Real estate investment. : 62104

-975,00

0,00

e) Other financial assets. : 62105

0,00

-1.065,00

-421,00

0,00

7. Divestment payment collection (+). : 62200

47.042,00

90.183,00

0,00

1.039.751,00

a) Companies of the group and affiliates. : 62201

0,00

90.183,00

0,00

c) Fixed assets. : 62203

1.695,00

0,00

e) Other financial assets. : 62205

5.597,00

0,00

1.039.751,00

h) Other assets. : 62208

39.750,00

0,00

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

22.706,00

-1.158.984,00

-118.689,00

-271.727,00

-61.144,00

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

42.821,00

0,00

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

42.821,00

0,00

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

916.686,00

319.767,00

-335.582,00

178.235,00

581.072,00

a) Issuance : 63201

3.774.896,00

2.876.205,00

2.451.328,00

2.673.346,00

2.406.569,00

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

3.774.896,00

2.876.205,00

2.451.328,00

2.673.346,00

2.406.569,00

b) Repayment and amortization of : 63207

-2.858.210,00

-2.556.438,00

-2.786.910,00

-2.495.111,00

-1.825.497,00

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

-2.785.210,00

-2.556.438,00

-2.786.910,00

-2.495.111,00

-1.825.497,00

5. Other debts (-). : 63212

-73.000,00

0,00

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

0,00

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

959.507,00

319.767,00

-335.582,00

178.235,00

581.072,00

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

0,00

-7.967,00

0,00

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

-544.880,00

-257.907,00

634.489,00

-55.918,00

1.075,00

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

596.441,00

854.347,00

219.858,00

275.776,00

274.701,00

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

51.560,00

596.441,00

854.347,00

219.858,00

275.776,00

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:

-0,02 %

0,01 %

-0,01 %

0,00 %

-136,44 %

EBITDA over Sales:

-0,11 %

9,23 %

1,52 %

10,07 %

-107,22 %

-8,36 %

Cash Flow Yield:

-0,04 %

0,00 %

-0,02 %

0,00 %

-113,02 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-1,84 %

5,25 %

1,11 %

6,93 %

-265,27 %

-24,26 %

Total economic profitability:

-1,48 %

2,51 %

0,70 %

4,15 %

-311,06 %

-39,50 %

Financial profitability:

-7,90 %

1,34 %

0,07 %

5,83 %

-11.814,85 %

-76,94 %

Margin:

-0,86 %

4,84 %

0,47 %

6,36 %

-284,31 %

-23,85 %

Mark-up:

-1,44 %

1,63 %

0,00 %

4,71 %

-65,38 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,12

0,08

0,11

-91,86

9,39

Acid Test:

0,53

0,85

0,74

0,83

-29,26

2,80

Working Capital / Investment:

0,13

0,03

0,15

0,03

-13,13

7,31

Solvency:

1,22

1,18

1,28

1,16

-4,31

1,24

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,92

1,63

1,74

1,66

10,49

-1,71

Borrowing Composition:

0,13

1,03

0,17

1,04

-22,96

-1,03

Repayment Ability:

-16,76

164,26

-34,45

811,15

51,37

-79,75

Warranty:

1,52

1,62

1,57

1,61

-3,47

0,69

Generated resources / Total creditors:

-0,02

0,07

0,06

0,07

-128,60

-3,99

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,99

1,72

1,20

1,75

-17,90

-1,60

Turnover of Collection Rights :

6,10

4,82

5,64

4,48

8,15

7,55

Turnover of Payment Entitlements:

5,72

3,52

5,41

3,26

5,67

7,89

Stock rotation:

4,55

6,61

7,03

6,04

-35,24

9,48

Assets turnover:

2,13

1,08

2,37

1,09

-10,33

-0,54

Borrowing Cost:

1,76

2,94

1,10

2,93

59,91

0,57

> 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:

-0,02 %

-0,01 %

0,02 %

0,00 %

EBITDA over Sales:

-0,11 %

1,52 %

2,57 %

1,39 %

2,02 %

Cash Flow Yield:

-0,04 %

-0,02 %

0,04 %

0,00 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-1,84 %

1,11 %

2,90 %

1,13 %

1,93 %

Total economic profitability:

-1,48 %

0,70 %

1,93 %

1,28 %

1,82 %

Financial profitability:

-7,90 %

0,07 %

3,12 %

0,75 %

0,28 %

Margin:

-0,86 %

0,47 %

1,42 %

0,56 %

1,06 %

Mark-up:

-1,44 %

0,00 %

0,82 %

0,14 %

0,09 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,01

0,08

0,10

0,03

0,04

Acid Test:

0,53

0,74

0,76

0,81

0,68

Working Capital / Investment:

0,13

0,15

0,18

0,20

0,21

Solvency:

1,22

1,28

1,32

1,39

1,43

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,92

1,74

1,88

1,52

1,47

Borrowing Composition:

0,13

0,17

0,13

0,19

0,23

Repayment Ability:

-16,76

-34,45

15,55

-137,85

7.030,34

Warranty:

1,52

1,57

1,53

1,66

1,68

Generated resources / Total creditors:

-0,02

0,06

0,05

0,04

Efficiency

2012

2011

2010

2009

2008

Productivity:

0,99

1,20

1,32

1,15

1,19

Turnover of Collection Rights :

6,10

5,64

4,90

4,65

5,35

Turnover of Payment Entitlements:

5,72

5,41

4,03

5,64

5,03

Stock rotation:

4,55

7,03

5,59

6,17

4,57

Assets turnover:

2,13

2,37

2,04

2,02

1,82

Borrowing Cost:

1,76

1,10

0,60

1,42

2,80

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

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

21.191,06

Notes

El importe reflejado corresponde al traspasado a resultados del ejercicio. El saldo al cierre es de 22.586,51 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

11.259,11

Notes

El importe reflejado corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

111.261,33

Notes

El importe reflejado corresponde al traspasado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

111.261,33

Notes

El importe reflejado corresponde al imputado a resultados durante el ejercicio, quedando un saldo pendiente de imputación al cierre de 272.505,41 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

573.058,62

Notes

El importe reflejado corresponde al imputado a resultados durante el ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

SUBVENCION DE CAPITAL

Status

CONCEDIDA

Amount Granted

27.515,63

Notes

EL IMPORTE REFLEJADO ES EL IMPUTADO A RESULTADOS.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.42
UK Pound	1	Rs.100.11
Euro	1	Rs.79.74

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

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

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

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