MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	ASERPAL SA

Registered Office :	Av De Dc Martinez Pardo - Curtis - 15310 - La Coruña

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	02.05.1989

Legal Form :	Public Limited

Line of Business :	Manufacture of Veneer Sheets and Wood-Based Panels.

No. of Employee :	Not Available

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 – 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:

ASERPAL SA

NIF / Fiscal code:

A15166630

Status:

ACTIVE

Incorporation Date:

02/05/1989

Register Data

Last Publication in BORME:

06/11/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

2.406.000

Localization:

AV DE DC MARTINEZ PARDO - CURTIS - 15310 - LA CORUÑA

Telephone - Fax - Email - Website:

Ph.:. 981 786 611

Email. losan@losan.es

Website. www.losan.es

Activity:

NACE:

1621 - Manufacture of veneer sheets and wood-based panels

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

28 for a total cost of 1028247.8200000002

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

INDUSTRIAS LOSAN SA
Shares:	5
Other Links:	4
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees YES

INVESTIGATION SUMMARY

This is a company that integrates LOSAN group dedicated to the manufacture of wood products for the furniture industry, decoration and equipment. It is composed of eighteen companies located in ten different countries. It presents a financial situation with high debt and negative working capital. The accumulated losses in recent years are due to the economic crisis and have reduced their own resources and also are conditioning its commercial evolution for the year 2010 but sales have increased in 2013 by 9%.

Identification

Social Denomination:

ASERPAL SA

NIF / Fiscal code:

A15166630

Corporate Status:

ACTIVE

Start of activity:

1989

Registered Office:

AV DE DC MARTINEZ PARDO

Locality:

CURTIS

Province:

LA CORUÑA

Postal Code:

15310

Telephone:

981 786 611

Fax:

981 786 600

Website:

www.losan.es

Email:

losan@losan.es

Activity

NACE:

1621

Additional Information:

It is dedicated to cutting and coupled natural wood veneer and production of stained wood veneer. It is specialized in developing hardwood surfaces, customized according to aesthetic criteria established by each client factory. It is a company that belongs to GROUP LOSAN

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Face recession

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991) Appointments/ Re-elections (3) Dividends Payment (1) Statutory Modifications (1)

1993

Accounts deposit (ejer. 1992) Adaptation to Law (1)

1994

Accounts deposit (ejer. 1993) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (1) Dividends Payment (1) Statutory Modifications (1)

1996

Accounts deposit (ejer. 1995)

1997

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

1998

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

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (ejer. 1999) Increase of Capital (1) Statutory Modifications (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Increase of Capital (2) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Partial split (1)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)

2004

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

2005

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

2006

Accounts deposit (ejer. 2005)

2007

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

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (2)

2009

Accounts deposit (ejer. 2008) Change of Social address (1) Other Concepts/ Events (1)

2010

Accounts deposit (ejer. 2009)

2011

Appointments/ Re-elections (1) Change of Social Purpose (1) Statutory Modifications (1)

2012

Accounts deposit (ejer. 2010, 2011) Appointments/ Re-elections (2)

2013

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

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (3)

Breakdown of Owners' Equity

Registered Capital:

2.406.000

Paid up capital:

2.406.000

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1120

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

28/04/1992

Capital call payment

---

45.076

180.304

90.152

17/10/1995

Capital call payment

---

90.152

180.304

13/02/1997

Increase of Capital

300.506

480.810

13/04/2000

Increase of Capital

353.996

834.806

13/10/2001

Increase of Capital

554.197

1.389.000

13/10/2001

Increase of Capital

1.017.000

2.406.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

LOPEZ SANCHEZ EMILIO

29/10/2014

VICE CHAIRMAN

LOPEZ SANCHEZ LUIS

29/10/2014

MEMBER OF THE BOARD

LOPEZ SANCHEZ EMILIO

29/10/2014

LOPEZ SANCHEZ LUIS

29/10/2014

LOPEZ FERNANDEZ MANUEL ESTEBAN

29/10/2014

LOPEZ FERNANDEZ ESTEBAN

05/11/2007

COMBINED PROXY

LOPEZ PENA ALFONSO MANUEL

10/04/2014

MENDEZ LINARES SANTIAGO

10/04/2014

IGLESIAS DIAZ MANUEL

10/04/2014

IGLESIAS PEDREIRA MARIA JESUS

10/04/2014

VAZQUEZ ESTRAVIZ CELESTINO

10/04/2014

DE ARTAZA VARASA ALBERTO

10/04/2014

JOINT ATTORNEY

VAZQUEZ ESTRAVIZ CELESTINO

21/10/1997

PROXY

SILVA MUÑIZ IVAN

04/05/2012

LOPEZ RICO LUIS

25/06/2002

MENDEZ LINARES SANTIAGO

13/11/1999

SANCHEZ CASTELO LUIS

05/11/1992

SECRETARY

PASCUAL DE MIGUEL JULIO

05/11/2007

VICE SECRETARY

LOPEZ FERNANDEZ MANUEL ESTEBAN

29/10/2014

LOPEZ FERNANDEZ ESTEBAN

05/11/2007

ACCOUNTS' AUDITOR / HOLDER

AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA

17/06/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARTAZA VARASA ALBERTO

PROXY

04/06/2012

AUDITORIA DIAGNOSTICO EMPRESARIAL SA

ACCOUNTS' AUDITOR / HOLDER

30/07/1997

ACCOUNTS' AUDITOR / HOLDER

19/01/1998

AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA

ACCOUNTS' AUDITOR / HOLDER

17/06/2014

ACCOUNTS' AUDITOR / HOLDER

10/08/2004

ACCOUNTS' AUDITOR / HOLDER

29/09/2008

ACCOUNTS' AUDITOR / HOLDER

23/11/2011

AUREN AUDITORIA Y DIAGNOSTICO EMPRESARIAL SA

ACCOUNTS' AUDITOR / HOLDER

13/08/2003

ACCOUNTS' AUDITOR / HOLDER

14/03/2001

AUREN AUDITORIA Y DIAGNOSTICO EMPRESARIAL SL

ACCOUNTS' AUDITOR / HOLDER

11/08/2005

DE ARTAZA VARASA ALBERTO

JOINT ATTORNEY/COMBINED PROXY

10/04/2014

IGLESIAS DIAZ MANUEL

PROXY

04/06/2012

COMBINED PROXY

21/10/1997

JOINT ATTORNEY

13/11/1999

COMBINED PROXY

10/04/2014

LOPEZ FERNANDEZ MANUEL ESTEBAN

MEMBER OF THE BOARD

20/06/2013

VICE SECRETARY

20/06/2013

VICE SECRETARY

29/10/2014

MEMBER OF THE BOARD

29/10/2014

LOPEZ PENA ALFONSO MANUEL

PROXY

04/06/2012

COMBINED PROXY

10/04/2014

LOPEZ SANCHEZ EMILIO

VICE SECRETARY

05/11/2007

MEMBER OF THE BOARD

29/09/2008

PRESIDENT

29/09/2008

JOINT MANAGER

25/06/1999

JOINT MANAGER

13/08/2003

ADMINISTRATOR

17/08/1994

PRESIDENT

29/10/2014

MEMBER OF THE BOARD

29/10/2014

LOPEZ SANCHEZ LUIS

ADMINISTRATOR

17/08/1994

JOINT MANAGER

25/06/1999

JOINT MANAGER

13/08/2003

VICE CHAIRMAN

05/11/2007

VICE CHAIRMAN

29/09/2008

VICE CHAIRMAN

29/10/2014

MEMBER OF THE BOARD

05/11/2007

MEMBER OF THE BOARD

29/09/2008

MEMBER OF THE BOARD

29/10/2014

LOPEZ SANCHEZ MANUEL

JOINT MANAGER

25/06/1999

JOINT MANAGER

13/08/2003

ADMINISTRATOR

17/08/1994

MEMBER OF THE BOARD

05/11/2007

PRESIDENT

05/11/2007

MEIJIDE RICO ANGEL

COMBINED PROXY

13/02/1995

JOINT ATTORNEY

01/07/2003

COMBINED PROXY

01/07/2003

JOINT ATTORNEY/COMBINED PROXY

01/07/2003

COMBINED PROXY

21/10/1997

JOINT ATTORNEY

13/11/1999

MENDEZ LINARES SANTIAGO

JOINT ATTORNEY

13/11/1999

COMBINED PROXY

21/10/1997

COMBINED PROXY

13/02/1995

COMBINED PROXY

04/06/2012

COMBINED PROXY

10/04/2014

PASCUAL DE MIGUEL JULIO

SECRETARY

05/11/2007

VAZQUEZ ESTRAVIZ CELESTINO

PROXY

04/06/2012

COMBINED PROXY

13/11/1999

COMBINED PROXY

13/02/1995

JOINT ATTORNEY

13/02/1995

JOINT ATTORNEY

21/10/1997

COMBINED PROXY

21/10/1997

COMBINED PROXY

10/04/2014

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

DOLORES SANCHEZ

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

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

ASERPAL SA it presents an excessive indebtedness that may compromise their balance sheet.

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.. ASERPAL 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.

ASERPAL SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

ASERPAL SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Probability of default

> Estimated Probability of Default for the next 12 months: 9.005 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

162 Manufacture of products of wood, cork, straw and plaiting materials

wordml://2829

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 probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 9.005%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

5 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INDUSTRIAS LOSAN SA

LA CORUÑA

PARTICIPATES IN

COMPAÑIA ENERGETICA PARA EL TABLERO SA

LA CORUÑA

0.5

LOSAN ROMANIA, SOCIEDAD LIMITADA, (RUMANIA)

84.34

INVERSIONES LOSAN CHILE LTDA

ASERPAL LAMIANAS FAQUEADAS LTDA (BRASIL)

99.99

OAK HILL VENEERS INC (EEUU)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

AGRONOVA SA

MADRID

SOCIEDAD COLECTIVA AGROHIDROSISTEM

PINA SA

LA CORUÑA

IS RELATED WITH

LOSAN GESTION INTEGRAL SL

LA CORUÑA

Turnover

Total Sales 2013

12.837.351,99

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

October 2014

2012

Normales

June 2013

2011

Normales

November 2012

2010

Normales

February 2012

2009

Normales

November 2010

2008

Normales

October 2009

2007

Normales

October 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

July 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

September 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

July 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

33.498.377,00

29.223.100,00

29.405.643,00

31.446.574,00

30.458.732,00

I. Intangible fixed assets : 11100

2.513.980,00

2.660.834,00

3.268.649,00

3.219.472,00

1.918.905,00

1. Development: 11110

2.221.261,00

2.347.067,00

2.933.834,00

2.885.402,00

1.816.867,00

2. Concessions: 11120

250.038,00

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

42.681,00

63.729,00

84.776,00

84.032,00

102.038,00

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

5.178.075,00

5.165.805,00

4.861.862,00

4.783.571,00

5.481.482,00

1. Land and buildings: 11210

1.479.886,00

1.467.564,00

1.518.426,00

1.579.861,00

1.641.296,00

2. Technical installations and other tangible fixed assets: 11220

3.276.081,00

3.658.268,00

2.851.151,00

3.203.709,00

3.025.904,00

3. Tangible asset in progress and advances: 11230

422.109,00

39.973,00

492.285,00

0,00

814.282,00

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

24.551.947,00

20.207.189,00

20.233.020,00

22.498.265,00

22.335.375,00

1. Equity instruments: 11410

22.932.391,00

17.806.398,00

20.113.954,00

2. Credits to businesses: 11420

1.619.555,00

2.400.790,00

2.426.621,00

2.384.311,00

2.221.421,00

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

165.349,00

161.576,00

18.123,00

39.149,00

1. Equity instruments: 11510

10.925,00

7.152,00

13.699,00

34.725,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

154.424,00

4.424,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.089.026,00

1.027.696,00

1.023.990,00

906.118,00

683.821,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

10.891.649,00

18.653.114,00

16.724.471,00

17.432.371,00

10.815.645,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

4.960.595,00

4.802.443,00

3.030.746,00

4.420.758,00

4.149.852,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

1.741.876,00

1.774.061,00

892.200,00

2.524.360,00

2.320.579,00

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

3.218.718,00

3.028.382,00

2.138.546,00

1.896.398,00

1.829.274,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

3.218.718,00

3.028.382,00

2.138.546,00

1.896.398,00

1.829.274,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

2.627.774,00

4.063.987,00

3.888.869,00

5.357.144,00

3.838.243,00

1. Trade debtors / accounts receivable: 12310

618.340,00

356.185,00

405.381,00

1.120.153,00

840.053,00

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

0,00

b) Customers for sales and provisions of services : 12312

618.340,00

356.185,00

405.381,00

1.120.153,00

840.053,00

2. Customers, Group companies and associates : 12320

2.002.925,00

3.634.296,00

3.126.966,00

4.023.755,00

2.522.741,00

3. Other accounts receivable: 12330

0,00

14.476,00

2.529,00

6.693,00

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

6.509,00

5.666,00

5.596,00

10.153,00

0,00

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

0,00

53.364,00

348.397,00

196.391,00

475.450,00

7. Called up share capital: 12370

0,00

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

1.760.098,00

8.682.024,00

8.772.409,00

5.962.398,00

925.392,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

1.760.098,00

8.682.024,00

8.772.409,00

5.962.398,00

925.392,00

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

859.542,00

882.658,00

657.601,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

859.542,00

832.658,00

657.601,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

50.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

10.132,00

3.494,00

3.741,00

3.885,00

7.285,00

VII. Cash and other equivalent liquid assets : 12700

673.509,00

218.508,00

371.106,00

1.688.186,00

1.894.873,00

1. Treasury: 12710

673.509,00

218.508,00

371.106,00

1.688.186,00

1.894.873,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

44.390.026,00

47.876.214,00

46.130.114,00

48.878.946,00

41.274.377,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

5.642.488,00

5.771.237,00

6.598.580,00

6.819.159,00

7.288.886,00

A-1) Shareholders' equity: 21000

5.496.116,00

5.763.754,00

6.408.549,00

6.658.261,00

7.097.143,00

I. Capital: 21100

2.406.000,00

1. Registered capital : 21110

2.406.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

4.691.143,00

3.922.463,00

1. Legal y estatutarias: 21310

481.200,00

479.628,00

2. Other reserves: 21320

4.209.943,00

3.442.835,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-1.333.390,00

-688.594,00

-438.883,00

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-1.333.390,00

-688.594,00

-438.883,00

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-267.638,00

-644.796,00

-249.712,00

-438.883,00

768.680,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

-79.327,00

-170.714,00

-162.066,00

-151.609,00

-69.803,00

I. Financial assets held for sale: 22100

-1.942,00

-4.583,00

0,00

-13.031,00

II. Hedge operations: 22200

-77.385,00

-166.131,00

-162.066,00

-138.578,00

-56.772,00

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

225.699,00

178.197,00

352.097,00

312.507,00

261.546,00

B) NON-CURRENT LIABILITIES: 31000

25.716.762,00

16.552.807,00

19.117.400,00

11.627.077,00

13.449.347,00

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

7.720.034,00

6.697.142,00

8.966.502,00

11.493.145,00

13.337.256,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

6.750.634,00

5.935.521,00

8.734.979,00

11.295.176,00

13.256.153,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

110.550,00

237.331,00

231.523,00

197.969,00

81.103,00

5. Other financial liabilities : 31250

858.850,00

524.290,00

0,00

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

17.900.000,00

9.779.294,00

10.000.000,00

0,00

IV. Liabilities for deferred tax: 31400

96.728,00

76.370,00

150.899,00

133.932,00

112.091,00

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

13.030.777,00

25.552.170,00

20.414.134,00

30.432.710,00

20.536.143,00

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

2.278.187,00

4.910.732,00

5.721.059,00

6.112.865,00

3.877.871,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.247.909,00

4.711.792,00

5.178.697,00

6.075.363,00

3.436.894,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

30.278,00

198.940,00

542.362,00

37.502,00

440.977,00

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

8.009.712,00

17.336.920,00

12.474.909,00

19.854.389,00

6.641.775,00

V. Trade creditors and other accounts payable: 32500

2.742.878,00

3.304.517,00

2.218.166,00

4.465.456,00

10.016.497,00

1. Suppliers: 32510

1.571.991,00

2.270.406,00

1.051.981,00

1.515.992,00

1.146.985,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.571.991,00

2.270.406,00

1.051.981,00

1.515.992,00

1.146.985,00

2. Suppliers, Group companies and associates: 32520

260.429,00

421.607,00

262.529,00

1.908.138,00

7.884.101,00

3. Other creditors: 32530

342.456,00

3.775,00

703,00

2.163,00

10.882,00

4. Personnel (remuneration due): 32540

167.626,00

169.376,00

175.869,00

209.974,00

203.092,00

5. Liabilities for current tax: 32550

0,00

572,00

6. Other accounts payable to Public Administrations.: 32560

400.376,00

439.354,00

727.083,00

807.928,00

764.250,00

7. Advances from clients: 32570

0,00

21.261,00

6.614,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

44.390.026,00

47.876.214,00

46.130.114,00

48.878.946,00

41.274.377,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

12.837.352,00

11.761.835,00

9.666.315,00

15.427.503,00

13.617.061,00

a) Sales: 40110

12.113.218,00

11.131.066,00

8.870.291,00

15.427.503,00

13.539.857,00

b) Rendering of services: 40120

724.134,00

630.769,00

796.024,00

0,00

77.204,00

c) Income of financial nature of holding companies: 40130

0,00

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

190.337,00

889.836,00

242.148,00

67.124,00

815.274,00

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

460.960,00

99.655,00

48.432,00

1.068.535,00

1.058.670,00

4. Supplies : 40400

-7.449.116,00

-7.044.932,00

-8.286.371,00

-12.088.015,00

-9.732.222,00

a) Stock consumption: 40410

-12.952,00

-10.199,00

0,00

-2.888.787,00

-1.101.137,00

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

-7.105.663,00

-6.830.942,00

-8.187.874,00

-8.770.054,00

-8.525.869,00

c) Works carried out by other companies: 40430

-330.501,00

-203.791,00

-98.496,00

-429.174,00

-105.216,00

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

0,00

5. Other operating income: 40500

0,00

56.742,00

123.371,00

426.365,00

573.790,00

a) Auxiliary income and other from current management: 40510

0,00

105.773,00

423.644,00

0,00

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

0,00

56.742,00

17.598,00

2.721,00

573.790,00

6. Personnel costs: 40600

-2.706.319,00

-2.982.478,00

-2.595.417,00

-3.119.491,00

-3.152.372,00

a) Wages, salaries et al.: 40610

-2.073.199,00

-2.352.280,00

-1.914.245,00

-2.412.702,00

-2.334.683,00

b) Social security costs: 40620

-633.119,00

-630.199,00

-681.172,00

-706.789,00

-817.689,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.058.664,00

-1.729.403,00

-1.793.900,00

-1.432.743,00

-1.535.698,00

a) External services: 40710

-2.044.560,00

-1.714.355,00

-1.773.927,00

-1.416.185,00

-1.512.430,00

b) Taxes: 40720

-14.104,00

-15.049,00

-19.973,00

-16.558,00

-23.268,00

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

0,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-1.116.618,00

-1.055.356,00

-480.427,00

-515.439,00

-473.733,00

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

72.185,00

74.944,00

15.067,00

6.615,00

10. Excess provisions : 41000

0,00

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

32.917,00

180.831,00

29.240,00

236.819,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

32.917,00

180.831,00

29.240,00

236.819,00

0,00

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

2.993,00

51.107,00

416.619,00

-1.160,00

600,00

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

266.027,00

302.780,00

-2.614.923,00

76.113,00

1.177.986,00

14. Financial income : 41400

292.872,00

368.683,00

337.764,00

342.450,00

185.546,00

a) Of shares in equity instruments : 41410

0,00

422,00

18.476,00

0,00

a 1) In Group companies and associates: 41411

0,00

422,00

18.476,00

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

292.872,00

368.261,00

319.289,00

342.450,00

185.546,00

b 1) From Group companies and associates : 41421

260.566,00

359.504,00

301.103,00

336.522,00

183.832,00

b 2) From third parties : 41422

32.306,00

8.757,00

18.185,00

5.928,00

1.714,00

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

0,00

15. Financial expenditure: 41500

-515.439,00

-979.846,00

-842.306,00

-1.171.612,00

-1.028.173,00

a) Amounts owed to Group companies and associates : 41510

-138.153,00

-383.275,00

-238.024,00

-562.497,00

-461.579,00

b) For debts with third parties : 41520

-377.285,00

-596.571,00

-604.283,00

-609.115,00

-566.594,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

-114.779,00

-117.101,00

-130.943,00

-169.903,00

-42.351,00

a) Trading book and other : 41610

-114.779,00

-117.101,00

-130.943,00

-169.903,00

-42.351,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-296.815,00

-214.838,00

367.158,00

296.832,00

-137.345,00

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

0,00

2.520.149,00

0,00

a) Impairment and losses : 41810

0,00

b) Results for transfers and other : 41820

0,00

2.520.149,00

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

-634.161,00

-943.102,00

2.251.822,00

-702.233,00

-1.022.323,00

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

-368.134,00

-640.322,00

-363.102,00

-626.120,00

155.662,00

20. Income taxes: 41900

100.496,00

-4.473,00

113.390,00

187.238,00

613.018,00

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

-267.638,00

-644.796,00

-249.712,00

-438.883,00

768.680,00

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

0,00

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

-267.638,00

-644.796,00

-249.712,00

-438.883,00

768.680,00

> 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:

32.409.351,00

28.195.404,00

28.381.653,00

30.540.456,00

29.774.911,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

2.513.980,00

2.660.834,00

3.268.649,00

3.219.472,00

1.918.905,00

1. Research and development costs:

2.221.261,00

2.347.067,00

2.933.834,00

2.885.402,00

1.816.867,00

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

250.038,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

42.681,00

63.729,00

84.776,00

84.032,00

102.038,00

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:

5.178.075,00

5.165.805,00

4.861.862,00

4.783.571,00

5.481.482,00

1. Land and construction:

1.479.886,00

1.467.564,00

1.518.426,00

1.579.861,00

1.641.296,00

2. Technical installations and machinery:

3.193.758,00

3.566.341,00

2.779.505,00

3.123.205,00

2.949.867,00

3. Other installations, tools and furniture:

11.946,00

13.339,00

10.396,00

11.682,00

11.034,00

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

422.109,00

39.973,00

492.285,00

0,00

814.282,00

5. Other tangible assets:

70.378,00

78.588,00

61.249,00

68.823,00

65.003,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

24.717.296,00

20.368.765,00

20.251.142,00

22.537.414,00

22.374.523,00

1. Equity investments in group companies:

22.932.391,00

17.806.398,00

20.113.954,00

2. Receivables from group companies:

1.619.555,00

2.400.790,00

2.426.621,00

2.384.311,00

2.221.421,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

10.925,00

7.152,00

13.699,00

34.725,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

154.424,00

4.424,00

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:

11.980.675,00

19.680.810,00

17.748.461,00

18.338.489,00

11.499.466,00

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

0,00

II. Stocks:

4.960.595,00

4.802.443,00

3.030.746,00

4.420.758,00

4.149.852,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

1.741.876,00

1.774.061,00

892.200,00

2.524.360,00

2.320.579,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

3.218.718,00

3.028.382,00

2.138.546,00

1.896.398,00

1.829.274,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

3.716.800,00

5.091.683,00

4.912.859,00

6.263.262,00

4.522.064,00

1. Trade debtors / accounts receivable:

618.340,00

356.185,00

405.381,00

1.120.153,00

840.053,00

2. Accounts receivable, Group companies:

2.002.925,00

3.634.296,00

3.126.966,00

4.023.755,00

2.522.741,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

14.476,00

2.529,00

6.693,00

0,00

5. Staff:

0,00

6. Public bodies:

1.095.535,00

1.086.726,00

1.377.983,00

1.112.662,00

1.159.271,00

7. Provisions:

0,00

IV. Short-term investments:

2.619.639,00

9.564.681,00

9.430.010,00

5.962.398,00

925.392,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

1.760.098,00

8.682.024,00

8.772.409,00

5.962.398,00

925.392,00

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:

859.542,00

832.658,00

657.601,00

0,00

7. Shor term guarantees and deposits:

0,00

50.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

673.509,00

218.508,00

371.106,00

1.688.186,00

1.894.873,00

VII. Prepayments and accrued income:

10.132,00

3.494,00

3.741,00

3.885,00

7.285,00

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

44.390.026,00

47.876.214,00

46.130.114,00

48.878.946,00

41.274.377,00

MERCANTILE REGISTRY

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

5.595.049,00

5.883.830,00

6.583.635,00

6.798.373,00

7.186.907,00

I. Subscribed capital:

2.406.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.790.076,00

4.811.219,00

4.866.229,00

4.831.255,00

4.012.227,00

1. Legal reserve:

481.200,00

479.628,00

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:

4.308.876,00

4.330.019,00

4.385.029,00

4.350.055,00

3.532.599,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

-1.333.390,00

-688.594,00

-438.883,00

0,00

1. Retained earnings:

0,00

2. Prior year losses:

-1.333.390,00

-688.594,00

-438.883,00

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-267.638,00

-644.796,00

-249.712,00

-438.883,00

768.680,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

157.989,00

124.738,00

246.468,00

218.755,00

183.082,00

1. Capital grants:

157.989,00

124.738,00

246.468,00

218.755,00

183.082,00

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:

25.606.212,00

16.315.476,00

18.885.878,00

11.429.108,00

13.368.244,00

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:

6.750.634,00

5.935.521,00

8.734.979,00

11.295.176,00

13.256.153,00

1. Loans and other liabilities:

6.750.634,00

5.935.521,00

8.734.979,00

11.295.176,00

13.256.153,00

2. Long-term liabilities from capital leases:

0,00

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

17.900.000,00

9.779.294,00

10.000.000,00

0,00

1. Amounts owed to group companies:

17.900.000,00

9.779.294,00

10.000.000,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

955.578,00

600.660,00

150.899,00

133.932,00

112.091,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

858.850,00

524.290,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

96.728,00

76.370,00

150.899,00

133.932,00

112.091,00

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:

13.030.777,00

25.552.170,00

20.414.134,00

30.432.710,00

20.536.143,00

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:

2.247.909,00

4.711.792,00

5.178.697,00

6.075.363,00

3.436.894,00

1. Loans and other liabilities:

2.247.909,00

4.711.792,00

5.178.697,00

6.075.363,00

3.436.894,00

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:

8.270.141,00

17.758.528,00

12.737.438,00

21.762.527,00

14.525.876,00

1. Amounts owed to group companies:

8.270.141,00

17.758.528,00

12.737.438,00

21.762.527,00

14.525.876,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.914.446,00

2.274.180,00

1.052.685,00

1.539.416,00

1.164.482,00

1. Advanced payments from customers:

0,00

21.261,00

6.614,00

2. Amounts owed for purchases of goods or services:

1.914.446,00

2.274.180,00

1.052.685,00

1.518.155,00

1.157.868,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

598.280,00

807.670,00

1.445.314,00

1.055.404,00

1.408.891,00

1. Public bodies:

400.376,00

439.354,00

727.083,00

807.928,00

764.822,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

30.278,00

198.940,00

542.362,00

37.502,00

440.977,00

4. Wages and salaries payable:

167.626,00

169.376,00

175.869,00

209.974,00

203.092,00

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):

44.390.026,00

47.876.214,00

46.130.114,00

48.878.946,00

41.274.377,00

MERCANTILE REGISTRY

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

14.157.254,00

14.128.428,00

14.015.974,00

18.311.126,00

15.488.876,00

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

0,00

A.2. Supplies:

7.449.116,00

7.044.932,00

8.286.371,00

12.088.015,00

9.732.222,00

a) Stock consumption:

12.952,00

10.199,00

0,00

2.888.787,00

1.101.137,00

b) Consumption of raw materials and miscellaneous consumable ones:

7.105.663,00

6.830.942,00

8.187.874,00

8.770.054,00

8.525.869,00

c) Miscellaneous external expenditure:

330.501,00

203.791,00

98.496,00

429.174,00

105.216,00

A.3. Staff costs:

2.706.319,00

2.982.478,00

2.595.417,00

3.119.491,00

3.152.372,00

a) Wages, salaries et al.:

2.073.199,00

2.352.280,00

1.914.245,00

2.412.702,00

2.334.683,00

b) Social security costs:

633.119,00

630.199,00

681.172,00

706.789,00

817.689,00

A.4. Depreciation expense:

1.116.618,00

1.055.356,00

480.427,00

515.439,00

473.733,00

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

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

2.058.664,00

1.729.403,00

1.793.900,00

1.432.743,00

1.535.698,00

a) External services:

2.044.560,00

1.714.355,00

1.773.927,00

1.416.185,00

1.512.430,00

b) Taxes:

14.104,00

15.049,00

19.973,00

16.558,00

23.268,00

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):

157.932,00

0,00

1.170.771,00

A.7. Financial and similar charges:

515.439,00

979.846,00

842.306,00

1.171.612,00

1.028.173,00

a) Due to liabilities with companies of the group:

138.153,00

383.275,00

238.024,00

562.497,00

461.579,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

377.285,00

596.571,00

604.283,00

609.115,00

566.594,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

114.779,00

117.101,00

130.943,00

169.903,00

42.351,00

A.9. Exchange losses:

296.815,00

214.838,00

0,00

137.345,00

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

0,00

2.251.822,00

0,00

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

0,00

148.448,00

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

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

0,00

A.13. Extraordinary expenses:

0,00

1.160,00

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):

108.096,00

306.882,00

460.925,00

242.274,00

7.215,00

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

0,00

155.662,00

A.15. Corporation tax:

-100.496,00

4.473,00

-113.390,00

-187.238,00

-613.018,00

A.16. Miscellaneous taxes:

0,00

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

0,00

768.680,00

MERCANTILE REGISTRY

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

13.889.616,00

13.483.633,00

13.766.262,00

17.872.243,00

16.257.556,00

B.1. Net total sales:

12.837.352,00

11.761.835,00

9.666.315,00

15.427.503,00

13.617.061,00

a) Sales:

12.113.218,00

11.131.066,00

8.870.291,00

15.427.503,00

13.539.857,00

b) Rendering of services:

724.134,00

630.769,00

796.024,00

0,00

77.204,00

Returns and Rappel on sales:

0,00

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

190.337,00

889.836,00

242.148,00

67.124,00

815.274,00

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

460.960,00

99.655,00

48.432,00

1.068.535,00

1.058.670,00

B.4. Miscellaneous operating income:

0,00

56.742,00

123.371,00

426.365,00

573.790,00

a) Auxiliary income and other from current management:

0,00

105.773,00

423.644,00

0,00

b) Grants:

0,00

56.742,00

17.598,00

2.721,00

573.790,00

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

4.102,00

3.075.849,00

166.161,00

0,00

B.5. Income from equity investment:

0,00

422,00

18.476,00

0,00

a) In companies of the group:

0,00

422,00

18.476,00

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

292.872,00

368.261,00

2.839.437,00

342.450,00

185.546,00

a) From companies of the group:

260.566,00

359.504,00

301.103,00

336.522,00

183.832,00

b) From associated companies:

0,00

c) Miscellaneous interests:

32.306,00

8.757,00

18.185,00

5.928,00

1.714,00

d) Profit on financial investment:

0,00

2.520.149,00

0,00

B.8. Exchange positive differences:

0,00

367.158,00

296.832,00

0,00

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

634.161,00

943.102,00

0,00

702.233,00

1.022.323,00

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

476.229,00

947.204,00

824.027,00

868.394,00

0,00

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

32.917,00

180.831,00

29.240,00

236.819,00

0,00

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

0,00

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

72.185,00

74.944,00

15.067,00

6.615,00

B.12. Extraordinary income:

2.993,00

51.107,00

416.619,00

0,00

600,00

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

0,00

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

0,00

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

368.134,00

640.322,00

363.102,00

626.120,00

0,00

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

267.638,00

644.796,00

249.712,00

438.883,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

-368.134,00

-640.322,00

-363.102,00

-626.120,00

155.662,00

2. Results adjustments.: 61200

1.729.639,00

1.742.684,00

-1.840.800,00

974.238,00

1.489.442,00

a) Fixed Assets Amortization (+).: 61201

1.116.618,00

1.055.356,00

480.427,00

515.439,00

473.733,00

d) Allocation of grants (-).: 61204

-72.185,00

-74.944,00

-15.067,00

-6.615,00

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

-32.917,00

-180.831,00

-29.240,00

-236.819,00

0,00

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

0,00

-2.520.149,00

0,00

g) Financial income (-).: 61207

-292.872,00

-368.683,00

-337.764,00

-342.450,00

-185.546,00

h) Financial Expenses (+). : 61208

515.439,00

979.846,00

842.306,00

1.171.612,00

1.070.525,00

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

296.815,00

214.838,00

-367.158,00

-296.832,00

137.345,00

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

114.779,00

117.101,00

130.943,00

169.903,00

0,00

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

83.962,00

0,00

-25.099,00

0,00

3. Changes in current capital equity.: 61300

1.943.665,00

3.258.669,00

3.641.586,00

7.530.093,00

-7.941.946,00

a) Stock (+/-).: 61301

-158.152,00

-1.771.697,00

1.390.012,00

-270.906,00

-1.492.006,00

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

766.922,00

-32.688,00

1.146.858,00

-1.002.777,00

1.407.642,00

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

98.102,00

292.450,00

-2.313.597,00

3.400,00

137.271,00

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

-1.253.053,00

892.083,00

3.418.313,00

9.180.304,00

-8.326.536,00

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

2.489.845,00

3.878.521,00

0,00

-379.928,00

331.683,00

4. Other cash flows for operating activities.: 61400

-513.644,00

-733.460,00

-445.729,00

-925.506,00

-826.236,00

a) Interest payments (-). : 61401

-367.045,00

-614.275,00

-496.973,00

-750.806,00

-976.293,00

b) Dividend payment collection (+). : 61402

0,00

422,00

18.476,00

0,00

c) Interest collection (+). : 61403

1.621,00

8.757,00

163.628,00

5.928,00

109.410,00

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

-6.509,00

-11.262,00

83,00

-10.725,00

40.647,00

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

-141.711,00

-117.101,00

-130.943,00

-169.903,00

0,00

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

2.791.525,00

3.627.570,00

991.956,00

6.952.705,00

-7.123.078,00

6. Payments for investment (-).: 62100

-1.049.553,00

-1.411.457,00

-131.457,00

-6.508.513,00

-2.826.409,00

a) Companies of the group and affiliates. : 62101

0,00

-4.948.153,00

0,00

b) Intangible fixed assets. : 62102

-460.960,00

0,00

-68.704,00

-1.318.574,00

-1.058.671,00

c) Fixed assets. : 62103

-588.593,00

-1.211.457,00

-49.054,00

-241.786,00

-819.392,00

e) Other financial assets. : 62105

0,00

-200.000,00

-13.699,00

0,00

-948.347,00

7. Divestment payment collection (+). : 62200

76.000,00

251.964,00

52.497,00

679.085,00

1.550,00

a) Companies of the group and affiliates. : 62201

0,00

1.488,00

0,00

c) Fixed assets. : 62203

26.000,00

251.964,00

51.008,00

679.085,00

900,00

e) Other financial assets. : 62205

50.000,00

0,00

650,00

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

-973.553,00

-1.159.493,00

-78.960,00

-5.829.428,00

-2.824.859,00

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

140.045,00

0,00

34.121,00

79.417,00

0,00

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

140.045,00

0,00

34.121,00

79.417,00

0,00

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

-1.503.016,00

-2.620.675,00

-2.264.197,00

-1.409.381,00

11.702.389,00

a) Issuance : 63201

51.778,00

0,00

211.289,00

21.598.297,00

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

0,00

211.289,00

14.956.522,00

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

0,00

6.641.775,00

5. Other debts (+). : 63206

51.778,00

0,00

b) Repayment and amortization of : 63207

-1.554.794,00

-2.620.675,00

-2.264.197,00

-1.620.669,00

-9.895.908,00

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

-1.509.375,00

-2.620.675,00

-2.264.197,00

-1.620.669,00

-9.895.908,00

5. Other debts (-). : 63212

-45.419,00

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

-1.362.972,00

-2.620.675,00

-2.230.076,00

-1.329.964,00

11.702.389,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

455.001,00

-152.598,00

-1.317.080,00

-206.687,00

1.754.452,00

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

218.508,00

371.106,00

1.688.186,00

1.894.873,00

140.421,00

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

673.509,00

218.508,00

371.106,00

1.688.186,00

1.894.873,00

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:

0,04 %

0,02 %

-0,01 %

0,01 %

373,19 %

168,52 %

EBITDA over Sales:

9,93 %

10,22 %

8,94 %

9,24 %

11,08 %

10,66 %

Cash Flow Yield:

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,54 %

6,56 %

1,40 %

5,23 %

9,97 %

25,47 %

Total economic profitability:

0,33 %

3,59 %

0,71 %

2,49 %

-53,21 %

43,92 %

Financial profitability:

-4,87 %

4,26 %

-11,19 %

1,32 %

56,47 %

222,55 %

Margin:

1,98 %

6,00 %

2,11 %

4,85 %

-6,33 %

23,54 %

Mark-up:

-2,79 %

3,99 %

-5,80 %

1,59 %

51,90 %

150,71 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,05

0,14

0,01

0,12

504,44

20,36

Acid Test:

0,45

0,86

0,54

0,85

-16,15

0,85

Working Capital / Investment:

-0,05

0,02

-0,14

0,03

66,56

-14,44

Solvency:

0,92

1,17

0,77

1,17

19,37

-0,29

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

6,77

1,43

7,09

1,63

-4,43

-12,56

Borrowing Composition:

1,97

1,01

0,65

1,03

204,65

-1,22

Repayment Ability:

85,16

62,21

-275,92

182,19

130,86

-65,86

Warranty:

1,15

1,71

1,14

1,62

0,75

5,64

Generated resources / Total creditors:

0,02

0,08

0,01

0,07

124,71

22,20

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,47

1,82

1,35

1,73

8,76

5,53

Turnover of Collection Rights :

5,06

5,09

2,93

4,79

72,56

6,14

Turnover of Payment Entitlements:

3,54

3,68

2,92

3,52

20,90

4,63

Stock rotation:

2,65

7,79

2,48

6,53

6,70

19,36

Assets turnover:

0,78

1,09

0,66

1,08

17,40

1,56

Borrowing Cost:

1,33

2,84

2,33

2,95

-42,84

-3,67

> 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:

0,04 %

-0,01 %

-0,14 %

-0,01 %

0,13 %

EBITDA over Sales:

9,93 %

8,94 %

-26,85 %

2,26 %

12,08 %

Cash Flow Yield:

0,01 %

0,00 %

-0,03 %

0,00 %

0,04 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

1,54 %

1,40 %

-18,43 %

0,38 %

6,55 %

Total economic profitability:

0,33 %

0,71 %

1,04 %

1,12 %

2,87 %

Financial profitability:

-4,87 %

-11,19 %

-3,90 %

-6,59 %

10,83 %

Margin:

1,98 %

2,11 %

-30,81 %

0,46 %

7,72 %

Mark-up:

-2,79 %

-5,80 %

-7,93 %

-3,69 %

1,02 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,05

0,01

0,02

0,06

0,09

Acid Test:

0,45

0,54

0,67

0,43

0,32

Working Capital / Investment:

-0,05

-0,14

-0,08

-0,27

-0,24

Solvency:

0,92

0,77

0,87

0,60

0,56

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

6,77

7,09

5,85

6,03

4,62

Borrowing Composition:

1,97

0,65

0,94

0,38

0,65

Repayment Ability:

85,16

-275,92

-30,01

-203,49

19,37

Warranty:

1,15

1,14

1,17

1,16

1,21

Generated resources / Total creditors:

0,02

0,01

-0,06

0,00

0,04

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,47

1,35

0,00

1,11

1,52

Turnover of Collection Rights :

5,06

2,93

2,53

3,16

3,97

Turnover of Payment Entitlements:

3,54

2,92

4,65

3,04

1,21

Stock rotation:

2,65

2,48

4,26

3,87

3,39

Assets turnover:

0,78

0,66

0,60

0,83

0,85

Borrowing Cost:

1,33

2,33

2,13

2,79

3,03

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

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

79.391,20

Notes

saldo al 31/12/2013

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

72.185,22

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

28.840,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

12.149,86

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

9.290,85

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

9.258,69

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

8.235,82

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

no especificSubvención de capital

Status

CONCEDIDA

Amount Granted

4.410,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE ECONOMIA E INDUSTRIA

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

49.504,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE ECONOMIA E INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

7.237,50

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

no especificSubvención de capital

Status

CONCEDIDA

Amount Granted

6.615,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

INSTITUTO GALLEGO DE PROMOCION ECONOMICA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

111.222,30

Notes

El importe es el saldo al 31/12/2011.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

100.940,00

Notes

El importe es el saldo al 31/12/2011

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

42.734,18

Notes

El importe es el saldo al 31/12/2011

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

32.405,39

Notes

El importe es el saldo al 31/12/2011.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

23.884,55

Notes

El importe corresponde al saldo al 31/12/2011.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

17.598,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

8.451,54

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

6.615,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

39.108,79

Notes

El importe es el saldo al 31-12-2010

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

16.482,84

Notes

El importe es el saldo al 31-12-2010

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

192.986,79

Entity

MINISTERIO DE INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

6.615,00

Notes

El importe es el traspaso a resultados.

Entity

MINISTERIO DE INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

96.258,00

Entity

CONSELLERIA DE INNOVACION E INDUSTRIA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

44.100,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

26,91

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

1.190,42

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

SUBVENCION A LA EXPLOTACION

Status

CONCEDIDA

Amount Granted

509,97

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.98.88
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	ANK

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

Defaults, Legal Claims and Insolvency Proceedings

Partners

INVESTIGATION SUMMARY

Breakdown of Owners' Equity

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

Unit