INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	MEDICHEM SA

Registered Office :	Fructuos Gelabert, 6-8 - Sant Joan Despi - 08970 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	02.11.1971

Legal Form :	Public Limited

Line of Business :	Manufacture of Products for the Pharmaceutical Industry.

No. of Employees :	185

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

EXECUTIVE SUMMARY

Name:

MEDICHEM SA

NIF / Fiscal code:

A08287104

Status:

ACTIVE

Incorporation Date:

02/11/1971

Register Data

Last Publication in BORME:

15/10/2014 [Revocations]

Last Published Account Deposit:

2013

Share Capital:

1.000.000

Localization:

FRUCTUOS GELABERT, 6-8 - SANT JOAN DESPI - 08970 - BARCELONA

Telephone - Fax - Email - Website:

Ph.: 936560511

Email. info@medichem.es

Website. www.medichem.es

Number of Branches

Activity:

NACE:

2110 - Manufacture of basic pharmaceutical products

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

8 for a total cost of 327671

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:

CORPORACION MEDICHEM SL

100 %

INVESTIGATION SUMMARY

The company was incorporated in 1971. It is engaged in the manufacture of active substances for the pharmaceutical sector. Its commercial scope is national and international. According to all this information, commercial relations can be envisaged in normal credit operations.

Identification

Social Denomination:

MEDICHEM SA

NIF / Fiscal code:

A08287104

Corporate Status:

ACTIVE

Start of activity:

1971

Registered Office:

FRUCTUOS GELABERT, 6-8

Locality:

SANT JOAN DESPI

Province:

BARCELONA

Postal Code:

08970

Telephone:

936560511

Fax:

934776444

Website:

www.medichem.es

Email:

info@medichem.es

Interviewed Person:

Information obtained through indirect sources, as people responsible for the company refused to provide information.

B

BNBranch Offices

Address

Postal Code

City

Province

Avda. Pirineus, s/n (Pol. Ind. Celrá)

17460

Celrá

Girona

Activity

NACE:

2110

CNAE Obtaining Source:

2110

Additional Information:

Manufacture of products for the pharmaceutical industry

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

185

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

1991

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

1992

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

1993

Accounts deposit (ejer. 1992) Statutory Modifications (1)

1994

Accounts deposit (ejer. 1993) Change of Social address (1)

1995

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

1996

Accounts deposit (ejer. 1995) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1)

1997

Appointments/ Re-elections (2) Capital Reduction (1)

1998

Accounts deposit (ejer. 1996, 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1999

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

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (4) Capital Reduction (3) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Increase of Capital (2) Statutory Modifications (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (3) Increase of Capital (1) Other Concepts/ Events (1)

2002

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

2003

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

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (1)

2005

Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)

2006

Accounts deposit (ejer. 2004, 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2008

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

2009

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

2010

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

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 (8) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

1.000.000

Paid up capital:

1.000.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

05/12/1990

Increase of Capital

384.648

721.215

09/10/1995

Capital Reduction

-540.911

180.304

16/01/1997

Capital Reduction

-68.876

111.428

18/07/2000

Capital Reduction

-27.856

83.569

18/07/2000

Capital Reduction

-1

83.568

18/07/2000

Increase of Capital

16.432

100.000

21/08/2001

Increase of Capital

900.000

1.000.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

CORPORACION MEDICHEM SL

21/08/2001

SINGLE ADMINISTRATOR

CORPORACION MEDICHEM SL

30/11/2010

JOINT ATTORNEY

PABLO ANDRES MAGNANI

08/10/2014

GRANADAL NAVARRO FRANCISCA

24/07/2014

CABEZAS ESPINO FRANCISCO

24/07/2014

PROXY

SEGURA RUIZ ELIAS

08/01/2013

PLANELLAS VANCELLS CRISTINA

08/01/2013

STAMPA JAGER ELISABETH MARIA

08/01/2013

RODRIGUEZ MIRANDA JOSE LUIS

08/01/2013

MARTINEZ MARINA VALENTIN

08/01/2013

MARGALEF ULLES ARTUR

08/01/2013

BOSCH LLADO JORDI

08/01/2013

RODRIGUEZ GARCIA CARLOS

07/01/2013

MARTINEZ PERAFERRER NORA

05/04/2011

DEL CASTILLO DE LA ROSA MONICA

24/05/2007

REPRESENTATIVE

STAMPA JAGER JOSE LUIS

30/11/2010

STAMPA DIEZ DEL CORRAL ALBERTO

31/05/2000

ACCOUNTS' AUDITOR / HOLDER

GRANT THORNTON SLP

13/12/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANDRES MAGNANI PABLO

PROXY

08/01/2013

AUDIHISPANA GRANT THORNTON SL

ACCOUNTS' AUDITOR / HOLDER

14/01/2011

BOSCH LLADO JORDI

PROXY

08/01/2013

CABEZAS ESPINO FRANCISCO

PROXY

04/06/2013

JOINT ATTORNEY

24/07/2014

PROXY

08/01/2013

PROXY

15/07/2005

PROXY

29/10/2009

CIURANA GAY JOSEP MARIA

PROXY

15/07/2005

CORPORACION MEDICHEM SL

SINGLE ADMINISTRATOR

30/11/2010

ADMINISTRATOR

10/05/2005

DEL CASTILLO DE LA ROSA MONICA

PROXY

24/05/2007

ERVIN KAROLY VESZPREMI

PROXY

08/01/2013

PROXY

08/10/2014

FISCAUDI AUDITORES ASOCIADOS SA

ACCOUNTS' AUDITOR / HOLDER

10/04/1995

ACCOUNTS' AUDITOR / HOLDER

14/08/1998

ACCOUNTS' AUDITOR / HOLDER

19/07/1999

ACCOUNTS' AUDITOR / HOLDER

18/07/2000

ACCOUNTS' AUDITOR / HOLDER

21/08/2001

GARCIA TALLEDA JOSEP

PROXY

15/07/2005

PROXY

30/03/2006

GARCIA VALERO HERMINIO

PROXY

15/07/2005

PROXY

29/10/2009

PROXY

23/09/1996

PROXY

23/09/1996

GERTRAUD JAGER FRIEDL

MEMBER OF THE BOARD

31/05/2000

MEMBER OF THE BOARD

03/07/1997

GIRALT ROQUETA MARIA LUISA

MEMBER OF THE BOARD

12/11/1998

MEMBER OF THE BOARD

03/07/1997

GIRALT ROQUETAS MARIA LUISA

MEMBER OF THE BOARD

14/03/1990

MEMBER OF THE BOARD

31/05/2000

GOMEZ LOPEZ MANUEL ANGEL

PROXY

07/07/2005

GONZALEZ NARBONA FRANCISCO JOSE

PROXY

23/09/1996

GRANADAL NAVARRO FRANCISCA

JOINT ATTORNEY

24/07/2014

GRANT THORNTON JRP SL

ACCOUNTS' AUDITOR / HOLDER

18/03/2008

ACCOUNTS' AUDITOR / HOLDER

12/06/2006

ACCOUNTS' AUDITOR / HOLDER

05/12/2006

GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

12/01/2012

ACCOUNTS' AUDITOR / HOLDER

03/12/2012

ACCOUNTS' AUDITOR / HOLDER

13/12/2013

JAGER GERTRAUD

MEMBER OF THE BOARD

14/03/1990

MEMBER OF THE BOARD

31/05/2000

LAPLAZA GUTIERREZ ALEJANDRO

REPRESENTATIVE

10/05/2005

MARGALEF ULLES ARTUR

PROXY

07/01/2013

PROXY

08/01/2013

PROXY

29/10/2009

MARTINEZ MARINA VALENTIN

PROXY

08/01/2013

NIELLA CASAS JOSE MARIA

PROXY

24/10/2003

ONRUBIA MIGUEL MARIA DEL CARMEN

PROXY

23/09/1996

PROXY

23/09/1996

PROXY

15/07/2005

PEÑA ESTELLER JUAN ANTONIO

PROXY

01/02/2000

PIFERRER CODINACH AGATA

PROXY

24/05/2007

PROXY

05/04/2011

RODRIGO MOLL ENRIQUE

PROXY

23/09/1996

PROXY

23/09/1996

PROXY

15/07/2005

SEGURA RUIZ ELIAS

PROXY

08/01/2013

SEGURA RUIZ ELIAS LUIS

PROXY

08/01/2013

PROXY

29/10/2009

STAMPA DIEZ CORRAL ALBERTO

MEMBER OF THE BOARD

14/03/1990

CHIEF EXECUTIVE OFFICER

10/07/1992

STAMPA DIEZ CORRAL CARLOS

MEMBER OF THE BOARD

14/03/1990

SECRETARY

04/07/1992

STAMPA DIEZ DEL CORRAL ALBERTO

CHIEF EXECUTIVE OFFICER

03/07/1997

PRESIDENT

03/07/1997

MEMBER OF THE BOARD

03/07/1997

MEMBER OF THE BOARD

31/05/2000

PRESIDENT

31/05/2000

CHIEF EXECUTIVE OFFICER

31/05/2000

STAMPA DIEZ DEL CORRAL CARLOS

SECRETARY

31/05/2000

MEMBER OF THE BOARD

31/05/2000

MEMBER OF THE BOARD

03/07/1997

SECRETARY

03/07/1997

STAMPA JAGER ELISABETH MARIA

PROXY

03/06/2002

PROXY

08/01/2013

STAMPA JAGER JOSE LUIS

PROXY

03/06/2002

PROXY

08/01/2013

REPRESENTATIVE

30/11/2010

UNIAUDIT JRP SL

ACCOUNTS' AUDITOR / HOLDER

07/06/2005

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any 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.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 23.31of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

No Company's subsidiaries or branches are known.

Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant.

Among the companies with similar characteristics, MEDICHEM 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

> Estimated Probability of Default for the next 12 months: 0.517 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

211 Manufacture of basic pharmaceutical products

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 94.00% of the companies of the sector MEDICHEM 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 0.517%.

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

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

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CORPORACION MEDICHEM SL

BARCELONA

100

PARTICIPATES IN

MEDICHEM TRADEX, SOCIEDAD ANONIMA, (SUIZA)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

NANJIN MEDICHEM BIOP DEV CO

IS RELATED WITH

PARC CIENTIFIC DE BARCELONA

BARCELONA

HAS IN ITS ADMINISTRATION BOARD TO

CORPORACION MEDICHEM SL

BARCELONA

Turnover

Total Sales 2013

37.803.504

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

November 2008

2006

Normales

October 2007

2005

Normales

August 2006

2004

Normales

November 2005

2003

Normales

July 2004

2002

Normales

September 2003

2001

Normales

July 2002

2000

Normales

August 2001

1999

Normales

October 2000

1998

Normales

July 1999

1997

Normales

November 1998

1996

Normales

November 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

September 1994

1992

Normales

June 1993

1991

Normales

July 1992

1990

Normales

August 1991

1989

Normales

July 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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. 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

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

8.878.639,00

7.347.071,00

5.978.905,00

7.117.468,00

8.546.926,00

I. Intangible fixed assets : 11100

4.014.781,00

2.005.198,00

164.940,00

223.869,00

280.711,00

1. Development: 11110

3.921.427,00

1.888.771,00

0,00

2. Concessions: 11120

0,00

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

62.137,00

91.825,00

125.941,00

163.743,00

181.407,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

31.217,00

24.602,00

38.999,00

60.126,00

99.304,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

4.154.537,00

4.688.466,00

5.105.101,00

5.700.048,00

7.159.390,00

1. Land and buildings: 11210

2.063.413,00

2.173.145,00

2.286.903,00

2.401.462,00

2.514.398,00

2. Technical installations and other tangible fixed assets: 11220

2.091.124,00

2.403.749,00

2.594.933,00

3.090.339,00

4.597.343,00

3. Tangible asset in progress and advances: 11230

0,00

111.572,00

223.265,00

208.247,00

47.649,00

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

575.015,00

1.068.909,00

995.959,00

1. Equity instruments: 11410

575.015,00

2. Credits to businesses: 11420

0,00

493.894,00

420.944,00

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

40.197,00

44.630,00

43.225,00

107.793,00

103.943,00

1. Equity instruments: 11510

0,00

64.779,00

2. Credits to third parties : 11520

0,00

44.630,00

43.225,00

43.014,00

39.164,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

40.197,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

94.109,00

33.762,00

90.624,00

16.849,00

6.923,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

21.785.127,00

20.809.478,00

25.230.347,00

25.555.619,00

26.573.385,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

6.779.455,00

6.809.426,00

6.066.950,00

7.078.444,00

7.244.881,00

1. Commercial: 12210

162.523,00

258.610,00

337.886,00

262.644,00

184.571,00

2. Primary material and other supplies: 12220

2.873.285,00

3.005.487,00

1.045.875,00

1.155.681,00

2.407.657,00

3. Work in progress: 12230

623.010,00

730.185,00

670.671,00

903.667,00

1.086.737,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

623.010,00

730.185,00

670.671,00

903.667,00

1.086.737,00

4. Finished goods: 12240

3.097.927,00

2.780.761,00

3.980.435,00

4.728.323,00

3.546.885,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

3.097.927,00

2.780.761,00

3.980.435,00

4.728.323,00

3.546.885,00

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

0,00

6. Advances to suppliers: 12260

22.710,00

34.383,00

32.083,00

28.129,00

19.031,00

III. Trade debtors and others receivable accounts: 12300

9.478.987,00

8.172.889,00

10.554.463,00

9.351.663,00

13.043.022,00

1. Trade debtors / accounts receivable: 12310

7.238.341,00

6.500.682,00

8.702.933,00

5.848.285,00

7.531.133,00

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

0,00

b) Customers for sales and provisions of services : 12312

7.238.341,00

6.500.682,00

8.702.933,00

5.848.285,00

7.531.133,00

2. Customers, Group companies and associates : 12320

1.206.796,00

607.526,00

1.120.346,00

2.533.788,00

2.708.752,00

3. Other accounts receivable: 12330

0,00

1.595.016,00

4. Personnel: 12340

3.208,00

1.643,00

0,00

1.200,00

0,00

5. Assets for deferred tax: 12350

0,00

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

1.030.642,00

1.063.038,00

731.184,00

968.390,00

1.208.121,00

7. Called up share capital: 12370

0,00

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

183.503,00

3.842.126,00

4.130.712,00

5.793.134,00

277.947,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

493.894,00

960.000,00

277.947,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

183.503,00

3.842.126,00

3.636.818,00

4.833.134,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

122.801,00

12.654,00

513.435,00

65.450,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

27.871,00

4. Derivatives : 12540

0,00

122.801,00

0,00

32.526,00

37.579,00

5. Other financial assets : 12550

0,00

12.654,00

480.909,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

204.386,00

128.442,00

115.047,00

129.907,00

36.931,00

VII. Cash and other equivalent liquid assets : 12700

5.138.796,00

1.733.794,00

4.350.521,00

2.689.036,00

5.905.154,00

1. Treasury: 12710

5.138.796,00

900.082,00

1.396.469,00

1.341.932,00

4.384.538,00

2. Other equivalent liquid assets: 12720

0,00

833.712,00

2.954.052,00

1.347.104,00

1.520.616,00

TOTAL ASSETS (A + B) : 10000

30.663.766,00

28.156.549,00

31.209.252,00

32.673.087,00

35.120.311,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

20.467.561,00

16.651.403,00

19.764.469,00

22.933.945,00

23.381.868,00

A-1) Shareholders' equity: 21000

20.467.561,00

16.558.114,00

19.851.805,00

22.949.725,00

23.335.600,00

I. Capital: 21100

1.000.000,00

1. Registered capital : 21110

1.000.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

14.093.449,00

11.307.225,00

13.807.225,00

19.982.215,00

17.928.225,00

1. Legal y estatutarias: 21310

200.000,00

2. Other reserves: 21320

13.893.449,00

11.107.225,00

13.607.225,00

19.782.215,00

17.728.225,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

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

5.374.112,00

4.250.889,00

5.044.580,00

4.967.510,00

4.407.375,00

VIII. (Interim dividend): 21800

0,00

-3.000.000,00

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

85.961,00

-132.677,00

-16.546,00

10.152,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

85.961,00

-132.677,00

-16.546,00

10.152,00

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

7.328,00

45.341,00

766,00

36.116,00

B) NON-CURRENT LIABILITIES: 31000

3.047.439,00

3.097.388,00

3.490.710,00

2.086.291,00

2.567.759,00

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

2.772.030,00

2.733.691,00

2.961.073,00

1.816.788,00

2.267.037,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.100.953,00

1.082.193,00

847.700,00

0,00

3. Creditors from financial leasing: 31230

12.911,00

24.936,00

36.718,00

76.325,00

397.626,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.658.166,00

1.626.562,00

2.076.655,00

1.740.463,00

1.869.411,00

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

0,00

IV. Liabilities for deferred tax: 31400

275.409,00

363.697,00

529.637,00

269.503,00

300.722,00

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

7.148.766,00

8.407.758,00

7.954.073,00

7.652.851,00

9.170.684,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

1.129.883,00

1.044.772,00

1.083.733,00

496.148,00

2.107.662,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

699.675,00

550.217,00

362.184,00

0,00

1.200.000,00

3. Creditors from financial leasing: 32330

11.986,00

11.784,00

46.179,00

311.905,00

731.980,00

4. Derivatives : 32340

0,00

189.537,00

56.162,00

23.077,00

5. Other financial liabilities : 32350

418.222,00

482.771,00

485.833,00

128.081,00

152.605,00

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

0,00

1.196.539,00

819.453,00

0,00

59.886,00

V. Trade creditors and other accounts payable: 32500

6.018.883,00

6.166.447,00

6.050.887,00

7.156.703,00

7.003.136,00

1. Suppliers: 32510

2.139.793,00

1.904.157,00

1.780.203,00

1.509.705,00

2.648.636,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.139.793,00

1.904.157,00

1.780.203,00

1.509.705,00

2.648.636,00

2. Suppliers, Group companies and associates: 32520

352.006,00

291.165,00

215.172,00

653.935,00

748.905,00

3. Other creditors: 32530

1.711.980,00

2.071.184,00

2.425.680,00

2.816.824,00

2.277.164,00

4. Personnel (remuneration due): 32540

950.232,00

938.221,00

852.062,00

949.475,00

636.474,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

864.872,00

844.872,00

764.402,00

1.070.614,00

671.239,00

7. Advances from clients: 32570

0,00

116.848,00

13.368,00

156.150,00

20.718,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

30.663.766,00

28.156.549,00

31.209.252,00

32.673.087,00

35.120.311,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

37.803.504,00

34.428.586,00

38.233.490,00

41.347.413,00

39.031.306,00

a) Sales: 40110

37.494.800,00

34.417.286,00

38.209.438,00

41.149.313,00

38.865.671,00

b) Rendering of services: 40120

308.704,00

11.300,00

24.052,00

198.100,00

165.635,00

c) Income of financial nature of holding companies: 40130

0,00

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

218.195,00

91.741,00

-1.293.496,00

-5.049,00

-769.673,00

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

2.032.656,00

1.888.771,00

0,00

4. Supplies : 40400

-13.524.268,00

-11.127.303,00

-11.114.579,00

-14.494.873,00

-12.631.403,00

a) Stock consumption: 40410

-71.587,00

-79.276,00

75.242,00

-14.494.873,00

-12.631.403,00

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

-13.452.681,00

-11.046.475,00

-11.079.152,00

0,00

c) Works carried out by other companies: 40430

0,00

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

0,00

-1.552,00

-110.669,00

0,00

5. Other operating income: 40500

226.280,00

607.695,00

644.441,00

599.733,00

345.461,00

a) Auxiliary income and other from current management: 40510

215.010,00

555.765,00

554.044,00

511.324,00

344.157,00

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

11.270,00

51.930,00

90.397,00

88.409,00

1.304,00

6. Personnel costs: 40600

-10.259.388,00

-10.110.929,00

-9.862.876,00

-9.601.997,00

-10.154.605,00

a) Wages, salaries et al.: 40610

-7.939.487,00

-7.794.778,00

-7.608.595,00

-7.498.420,00

-7.894.357,00

b) Social security costs: 40620

-2.319.901,00

-2.316.151,00

-2.254.281,00

-2.103.577,00

-2.260.248,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-9.730.138,00

-9.628.048,00

-10.260.524,00

-10.211.114,00

-9.498.485,00

a) External services: 40710

-9.442.213,00

-9.511.374,00

-10.211.012,00

-9.611.861,00

-10.156.446,00

b) Taxes: 40720

-287.925,00

-116.674,00

-98.575,00

-90.678,00

-90.732,00

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

0,00

49.063,00

-508.575,00

748.693,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-1.234.179,00

-1.398.664,00

-1.910.773,00

-2.194.582,00

-2.679.561,00

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

10.470,00

54.304,00

1.094,00

0,00

25.304,00

10. Excess provisions : 41000

0,00

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

0,00

47.649,00

-47.649,00

-8.400,00

a) Impairment and losses : 41110

0,00

47.649,00

-47.649,00

0,00

b) Results for transfers and other : 41120

0,00

-8.400,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

11.627,00

73.256,00

78.394,00

-164.951,00

182.216,00

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

5.554.759,00

4.879.409,00

4.562.820,00

5.226.931,00

3.842.160,00

14. Financial income : 41400

1.358.885,00

1.199.647,00

1.889.035,00

1.094.359,00

1.448.732,00

a) Of shares in equity instruments : 41410

1.148.655,00

1.035.465,00

1.401.332,00

922.113,00

1.395.147,00

a 1) In Group companies and associates: 41411

1.148.655,00

1.035.465,00

1.401.332,00

922.113,00

1.395.147,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

210.230,00

164.182,00

280.496,00

172.246,00

53.585,00

b 1) From Group companies and associates : 41421

175.904,00

0,00

168.208,00

130.229,00

47.345,00

b 2) From third parties : 41422

34.326,00

164.182,00

112.288,00

42.017,00

6.240,00

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

0,00

207.207,00

0,00

15. Financial expenditure: 41500

-98.159,00

-94.202,00

-137.958,00

-21.691,00

-104.443,00

a) Amounts owed to Group companies and associates : 41510

0,00

-48.766,00

b) For debts with third parties : 41520

-98.159,00

-94.202,00

-137.958,00

-21.691,00

-55.677,00

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

-189.650,00

-354.954,00

352.349,00

409.847,00

517.751,00

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

0,00

-64.779,00

0,00

a) Impairment and losses : 41810

0,00

-64.779,00

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

1.071.076,00

750.491,00

2.038.647,00

1.482.515,00

1.862.040,00

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

6.625.835,00

5.629.900,00

6.601.467,00

6.709.446,00

5.704.200,00

20. Income taxes: 41900

-1.251.723,00

-1.379.011,00

-1.556.887,00

-1.741.936,00

-1.296.825,00

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

5.374.112,00

4.250.889,00

5.044.580,00

4.967.510,00

4.407.375,00

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

0,00

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

5.374.112,00

4.250.889,00

5.044.580,00

4.967.510,00

4.407.375,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. 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 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

8.784.530,00

7.313.309,00

5.888.281,00

7.100.619,00

8.540.003,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.014.781,00

2.005.198,00

164.940,00

223.869,00

280.711,00

1. Research and development costs:

3.921.427,00

1.888.771,00

0,00

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

62.137,00

91.825,00

125.941,00

163.743,00

181.407,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

31.217,00

24.602,00

38.999,00

60.126,00

99.304,00

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:

4.154.537,00

4.688.466,00

5.105.101,00

5.700.048,00

7.159.390,00

1. Land and construction:

2.063.413,00

2.173.145,00

2.286.903,00

2.401.462,00

2.514.398,00

2. Technical installations and machinery:

1.986.307,00

2.283.262,00

2.464.863,00

2.935.437,00

4.366.903,00

3. Other installations, tools and furniture:

36.253,00

41.673,00

44.987,00

53.576,00

79.702,00

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

0,00

111.572,00

223.265,00

208.247,00

47.649,00

5. Other tangible assets:

68.564,00

78.814,00

85.083,00

101.326,00

150.738,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

615.212,00

619.645,00

618.240,00

1.176.702,00

1.099.902,00

1. Equity investments in group companies:

575.015,00

2. Receivables from group companies:

0,00

493.894,00

420.944,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

64.779,00

6. Other receivables:

0,00

44.630,00

43.225,00

43.014,00

39.164,00

7. Long term guarantees and deposits:

40.197,00

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

21.879.236,00

20.720.439,00

25.320.971,00

25.539.942,00

26.542.729,00

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

0,00

II. Stocks:

6.779.455,00

6.809.426,00

6.066.950,00

7.078.444,00

7.244.881,00

1. Goods for resale:

162.523,00

258.610,00

337.886,00

262.644,00

184.571,00

2. Raw materials and other consumables:

2.873.285,00

3.005.487,00

1.045.875,00

1.155.681,00

2.407.657,00

3. Goods in process and semifinished ones:

623.010,00

730.185,00

670.671,00

903.667,00

1.086.737,00

4. Finished products:

3.097.927,00

2.780.761,00

3.980.435,00

4.728.323,00

3.546.885,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

22.710,00

34.383,00

32.083,00

28.129,00

19.031,00

7. Provisions:

0,00

III. Debtors:

9.573.096,00

8.206.651,00

10.645.087,00

9.368.512,00

13.049.945,00

1. Trade debtors / accounts receivable:

7.238.341,00

6.500.682,00

8.702.933,00

5.848.285,00

7.531.133,00

2. Accounts receivable, Group companies:

1.206.796,00

607.526,00

1.120.346,00

2.533.788,00

2.708.752,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

1.595.016,00

5. Staff:

3.208,00

1.643,00

0,00

1.200,00

0,00

6. Public bodies:

1.124.751,00

1.096.800,00

821.808,00

985.239,00

1.215.044,00

7. Provisions:

0,00

IV. Short-term investments:

183.503,00

4.675.838,00

7.097.418,00

7.621.147,00

1.826.434,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

493.894,00

960.000,00

277.947,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

833.712,00

2.954.052,00

1.347.104,00

1.548.487,00

6. Other receivables:

183.503,00

3.842.126,00

3.636.818,00

4.833.134,00

0,00

7. Shor term guarantees and deposits:

0,00

12.654,00

480.909,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

5.138.796,00

900.082,00

1.396.469,00

1.341.932,00

4.384.538,00

VII. Prepayments and accrued income:

204.386,00

128.442,00

115.047,00

129.907,00

36.931,00

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

30.663.766,00

28.033.748,00

31.209.252,00

32.640.561,00

35.082.732,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

20.467.561,00

16.523.472,00

19.922.267,00

22.957.045,00

23.342.085,00

I. Subscribed capital:

1.000.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

14.093.449,00

11.272.583,00

13.877.687,00

19.989.535,00

17.934.710,00

1. Legal reserve:

200.000,00

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:

13.893.447,00

11.072.582,00

13.677.685,00

19.789.532,00

17.734.707,00

Differences due to capital adjustement to euros:

2,00

3,00

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:

5.374.112,00

4.250.889,00

5.044.580,00

4.967.510,00

4.407.375,00

VII. Interim dividend paid:

0,00

-3.000.000,00

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

5.130,00

31.739,00

536,00

25.281,00

1. Capital grants:

0,00

5.130,00

31.739,00

536,00

25.281,00

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:

3.047.439,00

3.097.388,00

3.490.710,00

2.086.291,00

2.567.759,00

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:

1.113.864,00

1.107.129,00

884.418,00

76.325,00

397.626,00

1. Loans and other liabilities:

1.100.953,00

1.082.193,00

847.700,00

0,00

2. Long-term liabilities from capital leases:

12.911,00

24.936,00

36.718,00

76.325,00

397.626,00

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:

1.933.575,00

1.990.259,00

2.606.292,00

2.009.966,00

2.170.133,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

1.628.921,00

1.597.875,00

2.040.029,00

1.709.767,00

1.836.441,00

3. Long term guarantees and deposits received:

29.245,00

28.687,00

36.626,00

30.696,00

32.970,00

4. Long term payables to public bodies:

275.409,00

363.697,00

529.637,00

269.503,00

300.722,00

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:

7.148.766,00

8.407.758,00

7.764.536,00

7.596.689,00

9.147.607,00

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:

711.661,00

562.001,00

408.363,00

311.905,00

1.931.980,00

1. Loans and other liabilities:

699.675,00

550.217,00

362.184,00

0,00

1.200.000,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

11.986,00

11.784,00

46.179,00

311.905,00

731.980,00

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

352.006,00

1.487.704,00

1.034.625,00

653.935,00

808.791,00

1. Amounts owed to group companies:

352.006,00

1.487.704,00

1.034.625,00

653.935,00

808.791,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.851.773,00

4.092.189,00

4.219.251,00

4.482.679,00

4.946.518,00

1. Advanced payments from customers:

0,00

116.848,00

13.368,00

156.150,00

20.718,00

2. Amounts owed for purchases of goods or services:

3.851.773,00

3.975.341,00

4.205.883,00

4.326.529,00

4.925.800,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

2.233.326,00

2.265.864,00

2.102.297,00

2.148.170,00

1.460.318,00

1. Public bodies:

864.872,00

844.872,00

764.402,00

1.070.614,00

671.239,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

418.222,00

482.771,00

485.833,00

128.081,00

152.605,00

4. Wages and salaries payable:

950.232,00

938.221,00

852.062,00

949.475,00

636.474,00

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):

30.663.766,00

28.033.748,00

31.209.252,00

32.640.561,00

35.082.732,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

36.287.505,00

34.093.111,00

36.154.223,00

38.483.842,00

37.143.395,00

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

0,00

1.293.496,00

5.049,00

769.673,00

A.2. Supplies:

13.524.268,00

11.125.751,00

11.003.910,00

14.494.873,00

12.631.403,00

a) Stock consumption:

71.587,00

79.276,00

-75.242,00

14.494.873,00

12.631.403,00

b) Consumption of raw materials and miscellaneous consumable ones:

13.452.681,00

11.046.475,00

11.079.152,00

0,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

10.259.388,00

10.110.929,00

9.862.876,00

9.601.997,00

10.154.605,00

a) Wages, salaries et al.:

7.939.487,00

7.794.778,00

7.608.595,00

7.498.420,00

7.894.357,00

b) Social security costs:

2.319.901,00

2.316.151,00

2.254.281,00

2.103.577,00

2.260.248,00

A.4. Depreciation expense:

1.234.179,00

1.398.664,00

1.910.773,00

2.194.582,00

2.679.561,00

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

0,00

1.552,00

61.606,00

508.575,00

-748.693,00

a) Stock provision variation:

0,00

1.552,00

110.669,00

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

-49.063,00

508.575,00

-748.693,00

A.6. Other operating charges:

9.730.138,00

9.628.048,00

10.309.587,00

9.702.539,00

10.247.178,00

a) External services:

9.442.213,00

9.511.374,00

10.211.012,00

9.611.861,00

10.156.446,00

b) Taxes:

287.925,00

116.674,00

98.575,00

90.678,00

90.732,00

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):

5.532.662,00

4.751.849,00

4.435.683,00

5.439.531,00

3.643.040,00

A.7. Financial and similar charges:

98.159,00

94.202,00

137.958,00

21.691,00

104.443,00

a) Due to liabilities with companies of the group:

0,00

48.766,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

98.159,00

94.202,00

137.958,00

21.691,00

55.677,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

189.650,00

354.954,00

0,00

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

1.071.076,00

750.491,00

1.896.219,00

1.482.515,00

1.862.040,00

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

6.603.738,00

5.502.340,00

6.331.902,00

6.922.046,00

5.505.080,00

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

0,00

17.130,00

47.649,00

0,00

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

0,00

8.400,00

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

0,00

A.13. Extraordinary expenses:

0,00

164.951,00

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):

22.097,00

127.560,00

269.565,00

0,00

199.120,00

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

6.625.835,00

5.629.900,00

6.601.467,00

6.709.446,00

5.704.200,00

A.15. Corporation tax:

1.251.723,00

1.379.011,00

1.556.887,00

1.741.936,00

1.296.825,00

A.16. Miscellaneous taxes:

0,00

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

5.374.112,00

4.250.889,00

5.044.580,00

4.967.510,00

4.407.375,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

41.661.617,00

38.344.000,00

41.198.803,00

43.451.352,00

41.550.770,00

B.1. Net total sales:

37.803.504,00

34.428.586,00

38.233.490,00

41.347.413,00

39.031.306,00

a) Sales:

37.494.800,00

34.417.286,00

38.209.438,00

41.149.313,00

38.865.671,00

b) Rendering of services:

308.704,00

11.300,00

24.052,00

198.100,00

165.635,00

Returns and Rappel on sales:

0,00

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

218.195,00

91.741,00

0,00

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

2.032.656,00

1.888.771,00

0,00

B.4. Miscellaneous operating income:

226.280,00

607.695,00

644.441,00

599.733,00

345.461,00

a) Auxiliary income and other from current management:

215.010,00

555.765,00

554.044,00

511.324,00

344.157,00

b) Grants:

11.270,00

51.930,00

90.397,00

88.409,00

1.304,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

1.148.655,00

1.035.465,00

1.401.332,00

922.113,00

1.395.147,00

a) In companies of the group:

1.148.655,00

1.035.465,00

1.401.332,00

922.113,00

1.395.147,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

11.647,00

55.710,00

38.102,00

14.257,00

2.117,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

11.647,00

55.710,00

38.102,00

14.257,00

2.117,00

B.7. Miscellaneous interests or similar income:

198.583,00

108.472,00

242.394,00

157.989,00

51.468,00

a) From companies of the group:

175.904,00

0,00

168.208,00

130.229,00

47.345,00

b) From associated companies:

0,00

c) Miscellaneous interests:

22.679,00

108.472,00

74.186,00

27.760,00

4.123,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

352.349,00

409.847,00

517.751,00

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

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

0,00

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

0,00

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

10.470,00

54.304,00

208.301,00

0,00

25.304,00

B.12. Extraordinary income:

11.627,00

73.256,00

78.394,00

0,00

182.216,00

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

212.600,00

0,00

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

0,00

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

0,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

6.625.835,00

0,00

6.601.467,00

6.709.446,00

5.704.200,00

2. Results adjustments.: 61200

-41.345,00

0,00

197.601,00

1.560.630,00

140.297,00

a) Fixed Assets Amortization (+).: 61201

1.234.179,00

0,00

1.910.774,00

2.194.582,00

2.679.561,00

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

-193.978,00

0,00

391.347,00

871.192,00

-685.625,00

d) Allocation of grants (-).: 61204

-10.469,00

0,00

-208.302,00

-50.500,00

0,00

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

0,00

8.400,00

g) Financial income (-).: 61207

-1.358.885,00

0,00

-1.681.827,00

-1.094.359,00

-1.448.732,00

h) Financial Expenses (+). : 61208

98.158,00

0,00

137.958,00

21.691,00

104.443,00

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

189.650,00

0,00

-352.349,00

-409.847,00

-517.750,00

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

0,00

27.871,00

0,00

3. Changes in current capital equity.: 61300

-1.325.475,00

0,00

-1.062.938,00

2.949.440,00

-620.941,00

a) Stock (+/-).: 61301

223.949,00

0,00

588.213,00

-148.531,00

2.083.581,00

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

-1.456.100,00

0,00

-567.199,00

3.711.402,00

430.364,00

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

-75.944,00

0,00

14.859,00

-92.976,00

8.763,00

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

-17.380,00

0,00

-1.098.811,00

-520.455,00

-2.384.121,00

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

0,00

-759.528,00

4. Other cash flows for operating activities.: 61400

104.873,00

0,00

152.037,00

-737.323,00

987.382,00

a) Interest payments (-). : 61401

-57.473,00

0,00

-44.828,00

-21.691,00

-104.443,00

b) Dividend payment collection (+). : 61402

1.148.655,00

0,00

1.401.332,00

922.113,00

1.395.147,00

c) Interest collection (+). : 61403

210.230,00

0,00

280.496,00

172.246,00

49.702,00

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

-1.196.539,00

0,00

-1.488.781,00

-1.809.991,00

-353.024,00

e) Other payments (payment collection) (-/+) : 61405

0,00

3.818,00

0,00

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

5.363.888,00

0,00

5.888.167,00

10.482.193,00

6.210.938,00

6. Payments for investment (-).: 62100

-4.522.597,00

0,00

-5.103.944,00

-8.065.607,00

-1.258.876,00

a) Companies of the group and affiliates. : 62101

-1.615.420,00

0,00

-3.636.819,00

-7.410.050,00

-980.367,00

b) Intangible fixed assets. : 62102

-2.050.381,00

0,00

-25.280,00

-24.817,00

-14.435,00

c) Fixed assets. : 62103

-770.836,00

0,00

-1.428.980,00

-145.982,00

-264.074,00

e) Other financial assets. : 62105

-85.960,00

0,00

-12.865,00

-484.758,00

0,00

7. Divestment payment collection (+). : 62200

4.031.855,00

0,00

7.249.633,00

1.826.690,00

2.093.997,00

a) Companies of the group and affiliates. : 62201

3.842.126,00

0,00

6.768.724,00

1.826.690,00

654.794,00

e) Other financial assets. : 62205

189.729,00

0,00

480.909,00

0,00

1.439.203,00

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

-490.742,00

0,00

2.145.689,00

-6.238.917,00

835.121,00

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

0,00

80.722,00

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

0,00

80.722,00

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

54.966,00

0,00

1.770.130,00

-2.106.009,00

775.207,00

a) Issuance : 63201

1.206.436,00

0,00

2.152.351,00

0,00

2.989.853,00

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

770.000,00

0,00

1.151.475,00

0,00

1.595.017,00

5. Other debts (+). : 63206

436.436,00

0,00

1.000.876,00

0,00

1.394.836,00

b) Repayment and amortization of : 63207

-1.151.470,00

0,00

-382.221,00

-2.106.009,00

-2.214.646,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

-27.794,00

0,00

-7.216,00

-11.161,00

0,00

5. Other debts (-). : 63212

-1.123.676,00

0,00

-375.005,00

-2.094.848,00

-2.214.646,00

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

-1.464.665,00

0,00

-8.142.499,00

-5.353.385,00

-2.383.390,00

a) Dividends (-).: 63301

-1.464.665,00

0,00

-8.142.499,00

-5.353.385,00

-2.383.390,00

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

-1.409.699,00

0,00

-6.372.369,00

-7.459.394,00

-1.527.461,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-58.447,00

0,00

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

3.405.000,00

0,00

1.661.487,00

-3.216.118,00

5.518.598,00

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

1.733.794,00

4.350.523,00

2.689.036,00

5.905.154,00

386.556,00

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

5.138.794,00

0,00

4.350.523,00

2.689.036,00

5.905.154,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,09 %

0,02 %

-0,08 %

0,01 %

218,51 %

181,15 %

EBITDA over Sales:

17,90 %

10,27 %

17,86 %

9,25 %

0,20 %

10,98 %

Cash Flow Yield:

0,11 %

0,01 %

-0,09 %

0,00 %

219,48 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

18,56 %

6,63 %

20,39 %

5,25 %

-8,97 %

26,31 %

Total economic profitability:

21,93 %

3,61 %

20,33 %

2,50 %

7,86 %

44,56 %

Financial profitability:

26,26 %

4,30 %

25,67 %

1,32 %

2,28 %

225,71 %

Margin:

13,84 %

6,04 %

13,02 %

4,87 %

6,30 %

24,06 %

Mark-up:

16,51 %

4,02 %

15,05 %

1,59 %

9,71 %

152,72 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,72

0,14

0,21

0,12

248,59

19,93

Acid Test:

2,07

0,85

1,65

0,85

25,49

0,43

Working Capital / Investment:

0,48

0,02

0,44

0,03

8,37

-19,94

Solvency:

3,06

1,17

2,48

1,17

23,46

-0,69

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,50

1,42

0,69

1,63

-28,27

-12,70

Borrowing Composition:

0,43

1,01

0,37

1,03

15,71

-1,62

Repayment Ability:

2,99

57,92

-4,40

177,48

168,11

-67,36

Warranty:

3,01

1,71

2,45

1,62

22,89

5,71

Generated resources / Total creditors:

0,65

0,08

0,49

0,07

31,95

22,88

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,66

1,83

1,61

1,73

3,19

5,96

Turnover of Collection Rights :

4,23

5,14

4,52

4,81

-6,45

6,77

Turnover of Payment Entitlements:

3,90

3,69

3,38

3,52

15,35

5,07

Stock rotation:

5,09

7,83

4,72

6,54

7,80

19,78

Assets turnover:

1,34

1,10

1,57

1,08

-14,37

1,82

Borrowing Cost:

0,96

2,85

0,82

2,95

17,58

-3,54

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,09 %

-0,08 %

0,04 %

-0,08 %

14,14 %

EBITDA over Sales:

17,90 %

17,86 %

16,60 %

18,46 %

16,20 %

Cash Flow Yield:

0,11 %

-0,09 %

0,05 %

-0,10 %

15,71 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

18,56 %

20,39 %

16,96 %

21,41 %

10,87 %

Total economic profitability:

21,93 %

20,33 %

21,59 %

20,60 %

16,54 %

Financial profitability:

26,26 %

25,67 %

25,41 %

21,65 %

18,89 %

Margin:

13,84 %

13,02 %

11,53 %

12,85 %

9,29 %

Mark-up:

16,51 %

15,05 %

16,78 %

16,39 %

14,02 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,72

0,21

0,55

0,35

0,64

Acid Test:

2,07

1,65

2,39

2,40

2,10

Working Capital / Investment:

0,48

0,44

0,55

0,50

Solvency:

3,06

2,48

3,18

3,34

2,90

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,50

0,69

0,58

0,42

0,50

Borrowing Composition:

0,43

0,37

0,44

0,27

0,28

Repayment Ability:

2,99

-4,40

6,89

-3,03

2,01

Warranty:

3,01

2,45

2,73

3,35

2,99

Generated resources / Total creditors:

0,65

0,49

0,62

0,74

0,60

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,66

1,61

1,64

1,80

1,62

Turnover of Collection Rights :

4,23

4,52

3,68

4,49

3,02

Turnover of Payment Entitlements:

3,90

3,38

3,32

3,45

3,05

Stock rotation:

5,09

4,72

5,68

5,16

4,93

Assets turnover:

1,34

1,57

1,47

1,67

1,17

Borrowing Cost:

0,96

0,82

1,21

0,22

0,89

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

GENERALITAT DE CATALUNYA - CIDEM

Status

CONCEDIDA

Amount Granted

10.470,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA - CIDEM

Status

CONCEDIDA

Amount Granted

36.356,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA - CIDEM

Status

CONCEDIDA

Amount Granted

17.948,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA - CIDEM

Status

CONCEDIDA

Amount Granted

181.782,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA - CIDEM

Status

CONCEDIDA

Amount Granted

25.426,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA

Status

CONCEDIDA

Amount Granted

1.094,00

Notes

El importe reflejado corresponde al Imputado a resultados.

Entity

GENERALITAT DE CATALUNYA

Status

CONCEDIDA

Amount Granted

766,00

Notes

El importe reflejado es el imputado al saldo final del ejercicio 2010. Finalidad: Mejora de las instalaciones en concepto de ejecución de proyectos para la minimización de residuos.

Entity

GENERALITAT DE CATALUNYA

Status

CONCEDIDA

Amount Granted

53.829,00

Notes

El saldo reflejado es el inicial, quedando al cierre del ejercicio un saldo de 36.116 euros. Subvención concedida para la mejora de las instalaciones en concepto de ejecución de proyectos para la minimización de residuos.

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.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	NIT

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.

INFORM REPORT

EXECUTIVE SUMMARY

INVESTIGATION SUMMARY

Identification

B

BNBranch Offices

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

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Financial Accounts and Balance Sheets

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit