MIRA INFORM REPORT

Report Date :

04.02.2014

IDENTIFICATION DETAILS

Name :	ERNESTO VENTOS SA

Registered Office :	Calle Narcis Monturiol 10, Sant Just Desvern, Barcelona, 08960

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	09.11.1973

Legal Form :	Public Limited Company

Line of Business :	Subject is engaged in manufacturing and sale of aromatic chemical products and essential oils for food industry and perfumery.

No. of Employees :	85

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 :	Slow but correct
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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:

ERNESTO VENTOS SA

NIF / Fiscal code:

A08329344

Trade Name

EVSA

Status:

ACTIVE

Incorporation Date:

09/11/1973

Register Data

Last Publication in BORME:

07/01/2014 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

2.599.835,85

Localization:

CALLE NARCIS MONTURIOL 10 - SANT JUST DESVERN - 08960 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 934706210 Email. info@ventos.com Website. www.ventos.com

Number of Branches

Activity:

NACE:

2053 - Manufacture of essential oils

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

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:

VENAVANZA SL

27.46 %

Identification

Social Denomination:

ERNESTO VENTOS SA

Trade Name:

EVSA

NIF / Fiscal code:

A08329344

Corporate Status:

ACTIVE

Start of activity:

1973

Registered Office:

CALLE NARCIS MONTURIOL 10

Locality:

SANT JUST DESVERN

Province:

BARCELONA

Postal Code:

08960

Telephone:

934706210

Fax:

934733010

Website:

www.ventos.com

Email:

info@ventos.com

Branch Offices

Address

Postal Code

City

Province

CARRETERA REIAL , 120

08960

SANT JUST DESVERN

BARCELONA

Activity

NACE:

2053

CNAE Obtaining Source:

2053

Additional Information:

Previous familiar company which the trade name EVSA, which is engaged in manufacturing and sale of aromatic chemical products and essential oils for food industry and perfumery.

Additional Address:

Registered office is located in carrer Narcís Monturiol 10, 08960 Sant Just Desvern en Barcelona, and it has premises in Carretera Real 120 A, in the same town, owned by the company.

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Appointments/ Re-elections (1)

1991

Accounts deposit (ejer. 1990) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Company Formation (1) Statutory Modifications (1)

1992

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

1993

Accounts deposit (ejer. 1992) Increase of Capital (1)

1994

Appointments/ Re-elections (1)

1995

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

1996

Accounts deposit (ejer. 1995) Increase of Capital (1)

1997

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

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Increase of Capital (2)

1999

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

2000

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

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Change of Social address (1) Errata (2) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2005

Accounts deposit (ejer. 2004)

2006

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

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (3)

2008

Accounts deposit (ejer. 2007)

2009

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

2010

Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (1)

2011

Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2012

Accounts deposit (ejer. 2011 consolidated, 2011)

2013

Accounts deposit (ejer. 2012 consolidated, 2012) Appointments/ Re-elections (2)

Breakdown of Owners' Equity

Registered Capital:

2.599.835,85

Paid up capital:

2.599.835,85

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

17/07/1991

Company Formation

---

23/11/1993

Increase of Capital

150.253

976.645

28/03/1996

Increase of Capital

105.177

1.081.822

28/10/1998

Increase of Capital

1.202.024

2.283.846

09/12/1998

Increase of Capital

721.215

3.005.061

27/08/2010

Capital Reduction

-405.164

2.599.836

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

VENTOS OMEDES GLORIA

27/08/2010

VICE CHAIRMAN

CALONGE PASCUAL JORDI

27/08/2010

MEMBER OF THE BOARD

VENTOS OMEDES ERNESTO

08/08/2011

VENTOS OMEDES CARLOS

08/08/2011

CALONGE PASCUAL JORDI

08/08/2011

HANS ALBERT GANS

08/08/2011

VENTOS OMEDES GLORIA

27/08/2010

MARTINEZ PASCUAL JORDI

17/07/1991

PROXY

VENTOS OMEDES GLORIA

11/04/2011

COSTA SERRA ERNEST

22/05/2007

CALONGE PASCUAL JORDI

27/04/2004

VENTOS OMEDES ALEJANDRO

17/12/2001

VENTOS OMEDES CARLOS

17/12/2001

VENTOS OMEDES ERNESTO

17/12/2001

VENTOS RAVETLLAT ERNESTO

14/08/1995

CALONJA Y PASCUAL JORDI

17/01/1992

NON CONSELLOR SECRETARY

JUAN CASTELLO LEANDRO

07/09/2006

ACCOUNTS' AUDITOR / HOLDER

MORISON AC SLP

24/12/2013

CONSOLIDATED ACCOUNTS' AUDITOR

MORISON AC SLP

24/12/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

CALONGE PASCUAL JORDI

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

07/09/2006

MEMBER OF THE BOARD

27/08/2010

CASAS OBON JOAN

DEPUTY ACCOUNTS' AUDITOR

11/02/1999

COSTA SERRA ERNEST

PROXY

27/04/2004

PROXY

22/05/2007

IBERICA LATINA DE CONSULTING SL

ACCOUNTS' AUDITOR / HOLDER

20/11/2007

JUAN CASTELLO LEANDRO

NON CONSELLOR SECRETARY

27/02/1997

NON CONSELLOR SECRETARY

12/05/2001

NON CONSELLOR SECRETARY

07/09/2006

MONGE TRULL JOSE MARIA

ACCOUNTS' AUDITOR / HOLDER

11/02/1999

MORISON AC S.L

ACCOUNTS' AUDITOR / HOLDER

09/11/2009

MORISON AC SL

CONSOLIDATED ACCOUNTS' AUDITOR

18/11/2010

ACCOUNTS' AUDITOR / HOLDER

30/08/2011

ACCOUNTS' AUDITOR / HOLDER

10/01/2013

MORISON AC SLP

ACCOUNTS' AUDITOR / HOLDER

24/12/2013

CONSOLIDATED ACCOUNTS' AUDITOR

24/12/2013

OMEDES CALONJA MARIA

VICE CHAIRMAN

27/08/2010

MEMBER OF THE BOARD

27/08/2010

VICE CHAIRMAN

07/09/2006

MEMBER OF THE BOARD

07/09/2006

OMEDES CALONJA MARTA

PROXY

11/04/2011

VENTOS OMEDES ALEJANDRO

MEMBER OF THE BOARD

07/09/2006

MEMBER OF THE BOARD

09/10/2006

JOINT MANAGER

17/07/1991

VENTOS OMEDES CARLOS

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

07/09/2006

MEMBER OF THE BOARD

08/08/2011

VENTOS OMEDES ERNESTO

JOINT MANAGER

17/07/1991

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

07/09/2006

MEMBER OF THE BOARD

08/08/2011

VENTOS OMEDES GLORIA

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

15/07/2004

MEMBER OF THE BOARD

27/02/1997

VENTOS OMEDES ISABEL

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

15/07/2004

MEMBER OF THE BOARD

12/05/2001

VENTOS OMEDES LUIS

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

15/07/2004

VENTOS OMEDES MARIA

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

15/07/2004

VENTOS OMEDES MARTA

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

12/05/2001

MEMBER OF THE BOARD

07/09/2006

MEMBER OF THE BOARD

27/08/2010

PRESIDENT

12/05/2001

PRESIDENT

07/09/2006

PRESIDENT

27/08/2010

VENTOS RAVETLLAT ERNESTO

MEMBER OF THE BOARD

27/02/1997

MEMBER OF THE BOARD

08/03/2000

PRESIDENT

27/02/1997

PRESIDENT

08/03/2000

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

Positive Factors

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

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

ERNESTO VENTOS SA's borrowing cost is appropriate according to its volume of external financing sources.

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

Significant operating income return. The Company has return on the investments necessary for its main activity with respect to its assets. This yield is lower than that of fiscal year 2011.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 0.7 %

> Latest Rating Changes :

Sector in which comparison is carried out :

205 Manufacture of other chemical 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 99.00% of the companies of the sector ERNESTO VENTOS 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 0.73%.

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:

3 Entities

PARTICIPATES IN:

8 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

VENAVANZA SL

BARCELONA

27.46

PARTICIPATES IN

LUCTA SA

BARCELONA

9.46

VENTOS DO BRASIL LTDA (BRASIL)

PQA

15.79

VENTOS ESSENTIAL OIL & AROMATICS (SHANGHAI) CO, S.A.

100

VENTOS ESECIAS Y QUIMICOS, SOCIEDAD ANONIMA, DE CV (MEXICO)

VENPAR CITRUS SL

MURCIA

VENTOS DO BRASIL LTDA

VENTOS ESENCIAS Y QUIMICOS, SOCIEDAD ANONIMA, DE CV

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

LUCTA SA

BARCELONA

ESENCIAS VENTOS SL

BARCELONA

VENAVANZA SL

BARCELONA

Turnover

Total Sales 2012

89.414.523,05

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Consolidadas

August 2013

2012

Normales

August 2013

2011

Consolidadas

September 2012

2011

Normales

September 2012

2010

Consolidadas

September 2011

2010

Normales

September 2011

2009

Consolidadas

October 2010

2009

Normales

October 2010

2008

Normales

August 2009

2007

Normales

October 2008

2006

Normales

July 2007

2005

Normales

September 2006

2004

Normales

October 2005

2003

Normales

August 2004

2002

Normales

October 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

September 2000

1998

Normales

October 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

May 1995

1992

Normales

September 1993

1991

Normales

July 1992

1990

Normales

September 1991

1989

Normales

August 1990

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

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

5.211.071,00

5.141.945,00

4.554.704,00

3.244.159,00

2.779.563,00

I. Intangible fixed assets : 11100

147.317,00

132.769,00

167.061,00

72.520,00

35.336,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

48.765,00

115.783,00

167.061,00

72.520,00

35.336,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

98.552,00

16.986,00

0,00

II. Tangible fixed assets : 11200

3.174.413,00

3.422.309,00

3.619.023,00

1.875.409,00

1.567.603,00

1. Land and buildings: 11210

1.556.324,00

1.594.028,00

1.631.732,00

0,00

2. Technical installations and other tangible fixed assets: 11220

1.618.089,00

1.828.281,00

1.987.291,00

1.875.409,00

1.567.603,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

182.845,00

195.436,00

208.617,00

221.798,00

234.979,00

1. Land: 11310

0,00

2. Buildings: 11320

182.845,00

195.436,00

208.617,00

221.798,00

234.979,00

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

555.473,00

396.473,00

137.492,00

1. Equity instruments: 11410

555.473,00

396.473,00

80.592,00

2. Credits to businesses: 11420

0,00

56.900,00

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

1.110.627,00

963.027,00

399.676,00

923.110,00

785.410,00

1. Equity instruments: 11510

999.841,00

851.923,00

288.361,00

811.795,00

673.061,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

110.786,00

111.104,00

111.315,00

112.350,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

40.396,00

31.931,00

22.836,00

13.831,00

18.743,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

58.666.707,00

53.400.433,00

54.117.565,00

49.938.523,00

43.691.763,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

29.606.287,00

26.481.881,00

24.535.419,00

17.766.478,00

21.520.874,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

28.461.405,00

25.719.193,00

22.943.722,00

16.211.993,00

21.345.633,00

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

1.088.112,00

340.868,00

414.987,00

227.696,00

146.641,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.088.112,00

340.868,00

414.987,00

227.696,00

146.641,00

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

0,00

6. Advances to suppliers: 12260

56.770,00

421.820,00

1.176.710,00

1.326.789,00

28.600,00

III. Trade debtors and others receivable accounts: 12300

22.984.346,00

22.120.201,00

22.519.446,00

18.167.798,00

15.882.890,00

1. Trade debtors / accounts receivable: 12310

19.567.403,00

20.537.273,00

19.851.807,00

16.902.448,00

14.592.079,00

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

0,00

b) Customers for sales and provisions of services : 12312

19.567.403,00

20.537.273,00

19.851.807,00

16.902.448,00

14.592.079,00

2. Customers, Group companies and associates : 12320

1.620.943,00

606.136,00

369.183,00

260.451,00

635.744,00

3. Other accounts receivable: 12330

0,00

4.239,00

320,00

4. Personnel: 12340

28.891,00

28.701,00

20.250,00

6.700,00

15.750,00

5. Assets for deferred tax: 12350

-4.743,00

0,00

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

1.771.852,00

948.091,00

2.278.206,00

993.959,00

638.997,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

5.526.358,00

2.757.289,00

3.286.763,00

10.837.361,00

3.701.726,00

1. Equity instruments: 12510

0,00

210.870,00

261.458,00

196.094,00

0,00

2. Credits to businesses: 12520

76.022,00

14.298,00

23.579,00

39.542,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

5.450.336,00

2.532.122,00

3.001.726,00

10.601.726,00

3.701.726,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

11.505,00

10.620,00

7.750,00

7.500,00

10.380,00

VII. Cash and other equivalent liquid assets : 12700

538.211,00

2.030.441,00

3.768.187,00

3.159.387,00

2.575.894,00

1. Treasury: 12710

538.211,00

2.030.441,00

3.768.187,00

3.159.387,00

2.575.894,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

63.877.778,00

58.542.378,00

58.672.269,00

53.182.683,00

46.471.326,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

53.880.063,00

49.058.288,00

42.327.426,00

43.221.396,00

37.803.248,00

A-1) Shareholders' equity: 21000

54.053.537,00

49.071.737,00

42.327.426,00

42.876.072,00

37.555.037,00

I. Capital: 21100

2.599.836,00

3.005.000,00

1. Registered capital : 21110

2.599.836,00

3.005.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

504.850,00

III. Reserves: 21300

45.467.050,00

39.222.740,00

31.009.728,00

33.387.839,00

27.471.703,00

1. Legal and statutory: 21310

601.012,00

2. Other reserves: 21320

44.866.038,00

38.621.727,00

30.408.716,00

32.786.827,00

26.870.691,00

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

5.481.801,00

6.744.311,00

8.213.012,00

5.978.383,00

6.573.484,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

-173.474,00

-13.449,00

0,00

345.324,00

248.210,00

I. Financial assets held for sale: 22100

-173.474,00

-13.449,00

0,00

345.324,00

248.210,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

296.249,00

408.102,00

418.023,00

404.166,00

150.782,00

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

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

296.249,00

408.102,00

418.023,00

404.166,00

150.782,00

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

9.701.466,00

9.075.988,00

15.926.821,00

9.557.121,00

8.517.297,00

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

0,00

II. Short-term provisions: 32200

17.050,00

36.050,00

36.750,00

39.050,00

38.300,00

III. Short-term creditors : 32300

0,00

4.297.761,00

120,00

1.200.404,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

1.200.000,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

4.297.761,00

120,00

404,00

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

0,00

V. Trade creditors and other accounts payable: 32500

9.684.416,00

9.039.938,00

11.592.310,00

9.517.950,00

7.278.593,00

1. Suppliers: 32510

9.185.071,00

7.978.072,00

9.589.517,00

8.010.472,00

4.679.787,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

9.185.071,00

7.978.072,00

9.589.517,00

8.010.472,00

4.679.787,00

2. Suppliers, Group companies and associates: 32520

0,00

6.457,00

0,00

3. Other creditors: 32530

424.089,00

476.605,00

745.144,00

538.377,00

505.284,00

4. Personnel (remuneration due): 32540

176.089,00

190.132,00

244.997,00

277.162,00

343.716,00

5. Liabilities for current tax: 32550

-368.924,00

192.909,00

800.898,00

570.121,00

1.608.648,00

6. Otras deudas con las Administraciones Públicas. : 32560

268.091,00

195.763,00

211.755,00

121.819,00

141.158,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

63.877.778,00

58.542.378,00

58.672.269,00

53.182.683,00

46.471.326,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

89.414.523,00

83.359.238,00

84.630.776,00

68.044.310,00

63.483.093,00

a) Sales: 40110

89.388.714,00

83.304.824,00

84.582.886,00

68.013.205,00

63.431.059,00

b) Rendering of services: 40120

25.809,00

54.414,00

47.890,00

31.105,00

52.034,00

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

-5.062.013,00

-74.119,00

187.291,00

81.054,00

-2.462,00

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

0,00

4. Supplies : 40400

-67.689.140,00

-65.772.836,00

-65.797.380,00

-52.770.112,00

-47.273.075,00

a) Stock consumption: 40410

0,00

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

-67.657.297,00

-65.727.966,00

-65.744.286,00

-52.723.184,00

-47.269.828,00

c) Works carried out by other companies: 40430

-31.843,00

-44.870,00

-53.094,00

-46.928,00

-3.247,00

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

0,00

5. Other operating income: 40500

40.541,00

129.677,00

36.934,00

86.839,00

41.191,00

a) Auxiliary income and other from current management: 40510

29.777,00

129.677,00

36.934,00

68.352,00

41.191,00

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

10.765,00

0,00

18.487,00

0,00

6. Personnel costs: 40600

-4.632.239,00

-4.570.236,00

-4.365.543,00

-3.563.671,00

-3.733.540,00

a) Wages, salaries et al.: 40610

-3.684.057,00

-3.626.592,00

-3.547.505,00

-2.928.100,00

-3.140.808,00

b) Social security costs: 40620

-948.182,00

-943.644,00

-818.038,00

-635.571,00

-592.732,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-4.606.186,00

-3.822.721,00

-3.830.040,00

-3.372.977,00

-3.515.401,00

a) External services: 40710

-4.050.964,00

-3.658.337,00

-3.691.304,00

-3.226.147,00

-3.508.369,00

b) Taxes: 40720

-22.030,00

-33.709,00

-29.952,00

-32.786,00

-35.529,00

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

-398.309,00

1.989,00

-1.722,00

0,00

142.195,00

d) Other current management expenditure : 40740

-134.883,00

-132.664,00

-107.062,00

-114.044,00

-113.699,00

8. Amortisation of fixed assets: 40800

-516.651,00

-533.708,00

-465.072,00

-375.995,00

-302.415,00

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

0,00

10. Excess provisions : 41000

0,00

3.062,00

3.217,00

2.622,00

2.595,00

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

-109,00

213,00

0,00

-18.152,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-109,00

213,00

0,00

-18.152,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

6.948.726,00

8.718.570,00

10.400.182,00

8.113.920,00

8.699.986,00

14. Financial income : 41400

850.194,00

805.293,00

528.716,00

597.222,00

398.822,00

a) Of shares in equity instruments : 41410

701.532,00

756.467,00

354.606,00

368.043,00

269.094,00

a 1) In Group companies and associates: 41411

368.108,00

441.261,00

0,00

a 2) In third parties: 41412

333.424,00

315.206,00

354.606,00

368.043,00

269.094,00

b) From negotiable securities and other financial instruments : 41420

148.662,00

48.826,00

174.110,00

229.178,00

129.729,00

b 1) From Group companies and associates : 41421

0,00

1.565,00

1.707,00

0,00

b 2) From third parties : 41422

148.662,00

48.826,00

172.545,00

227.471,00

129.729,00

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

0,00

15. Financial expenditure: 41500

-5.680,00

-10.634,00

-34.073,00

-32.690,00

-61.535,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-5.680,00

-10.634,00

-34.073,00

-32.690,00

-61.535,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

44.040,00

10.182,00

556.964,00

77.850,00

0,00

a) Trading book and other : 41610

5.295,00

10.182,00

65.364,00

77.850,00

0,00

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

38.746,00

0,00

491.600,00

0,00

17. Exchange rate differences : 41700

-550.948,00

-282.633,00

129.992,00

-352.391,00

339.853,00

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

-19.062,00

70.138,00

-3.246,00

0,00

-110.390,00

a) Impairment and losses : 41810

-19.062,00

-18.391,00

-3.246,00

0,00

1.082,00

b) Results for transfers and other : 41820

0,00

88.530,00

0,00

-111.472,00

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

318.545,00

592.345,00

1.178.355,00

289.990,00

566.750,00

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

7.267.271,00

9.310.916,00

11.578.537,00

8.403.910,00

9.266.736,00

20. Income taxes: 41900

-1.785.469,00

-2.566.604,00

-3.365.525,00

-2.425.527,00

-2.693.252,00

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

5.481.801,00

6.744.311,00

8.213.012,00

5.978.383,00

6.573.484,00

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

0,00

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

5.481.801,00

6.744.311,00

8.213.012,00

5.978.383,00

6.573.484,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

5.170.674,00

5.110.014,00

4.531.868,00

3.230.328,00

2.760.820,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

147.317,00

132.769,00

167.061,00

72.520,00

35.336,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

48.765,00

115.783,00

167.061,00

72.520,00

35.336,00

6. Assets under capital leases:

0,00

7. Payments on account:

98.552,00

16.986,00

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

3.357.258,00

3.617.745,00

3.827.640,00

2.097.206,00

1.802.582,00

1. Land and construction:

1.739.169,00

1.789.464,00

1.840.349,00

221.798,00

234.979,00

2. Technical installations and machinery:

249.912,00

282.376,00

306.935,00

289.654,00

242.114,00

3. Other installations, tools and furniture:

811.847,00

917.307,00

997.087,00

940.952,00

786.516,00

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

0,00

5. Other tangible assets:

556.330,00

628.598,00

683.269,00

644.802,00

538.972,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.666.100,00

1.359.500,00

537.167,00

1.060.601,00

922.902,00

1. Equity investments in group companies:

555.473,00

396.473,00

80.592,00

2. Receivables from group companies:

0,00

56.900,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

999.841,00

851.923,00

288.361,00

811.795,00

673.061,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

110.786,00

111.104,00

111.315,00

112.350,00

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:

58.707.104,00

53.432.364,00

54.140.402,00

49.952.355,00

43.710.506,00

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

0,00

II. Stocks:

29.606.287,00

26.481.881,00

24.535.419,00

17.766.478,00

21.520.874,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

28.461.405,00

25.719.193,00

22.943.722,00

16.211.993,00

21.345.633,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

1.088.112,00

340.868,00

414.987,00

227.696,00

146.641,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

56.770,00

421.820,00

1.176.710,00

1.326.789,00

28.600,00

7. Provisions:

0,00

III. Debtors:

23.024.742,00

22.152.132,00

22.542.282,00

18.181.629,00

15.901.633,00

1. Trade debtors / accounts receivable:

19.567.403,00

20.537.273,00

19.851.807,00

16.902.448,00

14.592.079,00

2. Accounts receivable, Group companies:

1.620.943,00

606.136,00

369.183,00

260.451,00

635.744,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

4.239,00

320,00

5. Staff:

28.891,00

28.701,00

20.250,00

6.700,00

15.750,00

6. Public bodies:

1.807.505,00

980.021,00

2.301.042,00

1.007.791,00

657.740,00

7. Provisions:

0,00

IV. Short-term investments:

5.526.358,00

2.757.289,00

3.286.763,00

10.837.361,00

3.701.726,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

210.870,00

261.458,00

196.094,00

0,00

6. Other receivables:

76.022,00

14.298,00

23.579,00

39.542,00

0,00

7. Shor term guarantees and deposits:

5.450.336,00

2.532.122,00

3.001.726,00

10.601.726,00

3.701.726,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

538.211,00

2.030.441,00

3.768.187,00

3.159.387,00

2.575.894,00

VII. Prepayments and accrued income:

11.505,00

10.620,00

7.750,00

7.500,00

10.380,00

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

63.877.778,00

58.542.378,00

58.672.269,00

53.182.683,00

46.471.326,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

53.880.063,00

49.058.288,00

42.327.426,00

43.221.396,00

37.803.248,00

I. Subscribed capital:

2.599.836,00

3.005.000,00

II. Share premium:

504.850,00

III. Revaluation reserves:

0,00

IV. Reserves:

45.293.576,00

39.209.291,00

31.009.728,00

33.733.163,00

27.719.913,00

1. Legal reserve:

601.012,00

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:

44.692.445,00

38.608.176,00

30.408.635,00

33.132.063,00

27.118.829,00

Differences due to capital adjustement to euros:

119,00

102,00

81,00

88,00

73,00

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:

5.481.801,00

6.744.311,00

8.213.012,00

5.978.383,00

6.573.484,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

296.249,00

408.102,00

418.023,00

404.166,00

150.782,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

296.249,00

408.102,00

418.023,00

404.166,00

150.782,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

296.249,00

408.102,00

418.023,00

404.166,00

150.782,00

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:

9.701.466,00

9.075.988,00

15.926.821,00

9.557.121,00

8.517.297,00

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:

0,00

1.200.000,00

1. Loans and other liabilities:

0,00

1.200.000,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

6.457,00

0,00

1. Amounts owed to group companies:

0,00

6.457,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

9.609.160,00

8.454.677,00

10.334.661,00

8.548.849,00

5.185.071,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

9.609.160,00

8.454.677,00

10.334.661,00

8.548.849,00

5.185.071,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

75.256,00

578.805,00

5.555.410,00

969.222,00

2.093.926,00

1. Public bodies:

-100.833,00

388.672,00

1.012.652,00

691.940,00

1.749.806,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4.297.761,00

120,00

404,00

4. Wages and salaries payable:

176.089,00

190.132,00

244.997,00

277.162,00

343.716,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

17.050,00

36.050,00

36.750,00

39.050,00

38.300,00

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):

63.877.778,00

58.542.378,00

58.672.269,00

53.182.683,00

46.471.326,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

84.867.497,00

77.651.882,00

77.860.879,00

62.911.514,00

57.692.070,00

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

5.062.013,00

74.119,00

0,00

2.462,00

A.2. Supplies:

67.689.140,00

65.772.836,00

65.797.380,00

52.770.112,00

47.273.075,00

a) Stock consumption:

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

67.657.297,00

65.727.966,00

65.744.286,00

52.723.184,00

47.269.828,00

c) Miscellaneous external expenditure:

31.843,00

44.870,00

53.094,00

46.928,00

3.247,00

A.3. Staff costs:

4.632.239,00

4.570.236,00

4.365.543,00

3.563.671,00

3.733.540,00

a) Wages, salaries et al.:

3.684.057,00

3.626.592,00

3.547.505,00

2.928.100,00

3.140.808,00

b) Social security costs:

948.182,00

943.644,00

818.038,00

635.571,00

592.732,00

A.4. Depreciation expense:

516.651,00

533.708,00

465.072,00

375.995,00

302.415,00

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

398.309,00

-1.989,00

1.722,00

0,00

-142.195,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

-142.195,00

c) Variation of other trade provisions:

398.309,00

-1.989,00

1.722,00

0,00

A.6. Other operating charges:

4.207.877,00

3.824.710,00

3.828.318,00

3.372.977,00

3.657.597,00

a) External services:

4.050.964,00

3.658.337,00

3.691.304,00

3.226.147,00

3.508.369,00

b) Taxes:

22.030,00

33.709,00

29.952,00

32.786,00

35.529,00

c) Other operating expenses:

134.883,00

132.664,00

107.062,00

114.044,00

113.699,00

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):

6.948.835,00

8.718.357,00

10.400.182,00

8.132.071,00

8.699.986,00

A.7. Financial and similar charges:

5.680,00

10.634,00

34.073,00

32.690,00

171.909,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

5.680,00

10.634,00

34.073,00

32.690,00

61.535,00

d) Losses from financial investments:

0,00

110.374,00

A.8. Changes in financial investment provisions:

19.062,00

18.391,00

3.246,00

0,00

16,00

A.9. Exchange losses:

550.948,00

282.633,00

0,00

352.391,00

0,00

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

318.545,00

592.345,00

1.178.355,00

289.990,00

566.750,00

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

7.267.380,00

9.310.703,00

11.578.537,00

8.422.061,00

9.266.736,00

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:

109,00

0,00

18.152,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

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

0,00

213,00

0,00

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

7.267.271,00

9.310.916,00

11.578.537,00

8.403.910,00

9.266.736,00

A.15. Corporation tax:

1.785.469,00

2.566.604,00

3.365.525,00

2.425.527,00

2.693.252,00

A.16. Miscellaneous taxes:

0,00

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

5.481.801,00

6.744.311,00

8.213.012,00

5.978.383,00

6.573.484,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

90.349.298,00

84.396.194,00

86.073.891,00

68.889.897,00

64.265.554,00

B.1. Net total sales:

89.414.523,00

83.359.238,00

84.630.776,00

68.044.310,00

63.483.093,00

a) Sales:

89.876.006,00

83.758.950,00

85.043.979,00

68.383.971,00

63.776.845,00

b) Rendering of services:

25.809,00

54.414,00

47.890,00

31.105,00

52.034,00

Returns and Rappel on sales:

-487.292,00

-454.126,00

-461.093,00

-370.766,00

-345.787,00

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

0,00

187.291,00

81.054,00

0,00

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

0,00

B.4. Miscellaneous operating income:

40.541,00

132.739,00

40.151,00

89.461,00

43.786,00

a) Auxiliary income and other from current management:

29.777,00

129.677,00

36.934,00

68.352,00

41.191,00

b) Grants:

10.765,00

0,00

18.487,00

0,00

c) Liabilities and charges provisions surplus:

0,00

3.062,00

3.217,00

2.622,00

2.595,00

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:

701.532,00

756.467,00

354.606,00

368.043,00

269.094,00

a) In companies of the group:

368.108,00

441.261,00

0,00

b) In associated companies:

0,00

c) Third parties:

333.424,00

315.206,00

354.606,00

368.043,00

269.094,00

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:

192.702,00

147.537,00

731.075,00

307.028,00

129.729,00

a) From companies of the group:

0,00

1.565,00

1.707,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

148.662,00

48.826,00

172.545,00

227.471,00

129.729,00

d) Profit on financial investment:

44.040,00

98.711,00

556.964,00

77.850,00

0,00

B.8. Exchange positive differences:

0,00

129.992,00

0,00

339.853,00

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

213,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

0,00

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

0,00

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

109,00

0,00

18.152,00

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.

2012

2011

2010

2009

2008

1. Fiscal year result before taxes.: 61100

7.267.271,00

9.310.916,00

11.578.537,00

8.403.910,00

9.266.736,00

2. Results adjustments.: 61200

754.489,00

35.571,00

-710.065,00

101.534,00

-408.896,00

a) Fixed Assets Amortization (+).: 61201

519.976,00

533.708,00

465.072,00

375.995,00

302.415,00

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

398.309,00

18.391,00

3.246,00

0,00

-1.082,00

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

-19.000,00

-3.062,00

3.217,00

-2.622,00

-135.795,00

d) Allocation of grants (-).: 61204

-10.765,00

0,00

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

109,00

-213,00

0,00

18.152,00

0,00

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

0,00

-491.600,00

0,00

111.472,00

g) Financial income (-).: 61207

-701.532,00

-805.293,00

-528.716,00

-597.222,00

-398.822,00

h) Financial Expenses (+). : 61208

5.680,00

10.634,00

34.073,00

32.690,00

57.489,00

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

550.948,00

291.587,00

-129.992,00

352.391,00

-339.853,00

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

10.765,00

-10.182,00

-65.364,00

-77.850,00

0,00

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

0,00

-4.720,00

3. Changes in current capital equity.: 61300

-8.617.437,00

-6.170.642,00

-4.078.590,00

2.772.340,00

-5.156.137,00

a) Stock (+/-).: 61301

-3.124.406,00

-1.946.463,00

-6.768.941,00

3.754.396,00

-4.859.765,00

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

-3.991.998,00

-2.271.767,00

-6.763.427,00

-2.431.645,00

-1.565.685,00

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

-2.707.344,00

-2.870,00

7.615.713,00

2.880,00

0,00

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

1.206.310,00

-1.951.904,00

1.838.066,00

1.446.709,00

1.269.312,00

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

0,00

2.362,00

0,00

4. Other cash flows for operating activities.: 61400

474.525,00

-6.239,00

54.514,00

-1.044.116,00

-49.340,00

a) Interest payments (-). : 61401

-5.680,00

-10.634,00

-34.073,00

-32.690,00

-57.489,00

b) Dividend payment collection (+). : 61402

368.108,00

756.467,00

354.606,00

368.043,00

269.094,00

c) Interest collection (+). : 61403

332.539,00

48.826,00

304.102,00

229.178,00

129.729,00

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

-220.443,00

-800.898,00

-570.121,00

-1.608.648,00

-390.673,00

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

-121.153,00

3.169.605,00

6.844.396,00

10.233.668,00

3.652.363,00

6. Payments for investment (-).: 62100

-908.341,00

-1.149.845,00

-2.290.046,00

-7.794.328,00

-4.116.180,00

a) Companies of the group and affiliates. : 62101

-159.000,00

-258.982,00

0,00

b) Intangible fixed assets. : 62102

-89.168,00

-47.773,00

-151.532,00

-62.244,00

-35.565,00

c) Fixed assets. : 62103

-220.050,00

-242.135,00

-2.138.514,00

-674.298,00

-260.601,00

d) Real estate investment. : 62104

-2.192,00

0,00

e) Other financial assets. : 62105

-437.931,00

-600.955,00

0,00

-7.057.786,00

-3.820.014,00

7. Divestment payment collection (+). : 62200

37.264,00

540.256,00

518.468,00

1.035,00

0,00

c) Fixed assets. : 62203

37.264,00

600,00

0,00

e) Other financial assets. : 62205

0,00

539.656,00

518.468,00

1.035,00

0,00

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

-871.077,00

-609.590,00

-1.771.578,00

-7.793.293,00

-4.116.180,00

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

0,00

-8.761.658,00

0,00

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

0,00

-8.761.658,00

0,00

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

0,00

-4.297.761,00

4.297.641,00

-1.199.533,00

294,00

a) Issuance : 63201

0,00

4.297.641,00

0,00

294,00

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

0,00

294,00

5. Other debts (+). : 63206

0,00

4.297.641,00

0,00

b) Repayment and amortization of : 63207

0,00

-4.297.761,00

0,00

-1.199.533,00

0,00

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

0,00

-1.199.533,00

0,00

5. Other debts (-). : 63212

0,00

-4.297.761,00

0,00

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

-500.001,00

0,00

-657.348,00

-300.000,00

a) Dividends (-).: 63301

-500.001,00

0,00

-657.348,00

-300.000,00

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

-500.001,00

-4.297.761,00

-4.464.017,00

-1.856.882,00

-299.706,00

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

0,00

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

-1.492.231,00

-1.737.746,00

608.801,00

583.493,00

-763.523,00

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

2.030.441,00

3.768.187,00

3.159.387,00

2.575.894,00

3.339.417,00

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

538.211,00

2.030.441,00

3.768.187,00

3.159.387,00

2.575.894,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

-0,02 %

0,01 %

-0,02 %

0,00 %

19,94 %

EBITDA over Sales:

8,35 %

9,63 %

11,10 %

10,06 %

-24,75 %

-4,29 %

Cash Flow Yield:

-0,02 %

0,01 %

-0,03 %

0,00 %

21,30 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

12,26 %

5,81 %

16,02 %

6,97 %

-23,48 %

-16,63 %

Total economic profitability:

11,39 %

2,91 %

15,92 %

4,19 %

-28,49 %

-30,71 %

Financial profitability:

10,14 %

2,23 %

13,74 %

5,88 %

-26,21 %

-62,04 %

Margin:

7,77 %

5,26 %

10,44 %

6,36 %

-25,62 %

-17,21 %

Mark-up:

8,12 %

2,19 %

11,15 %

4,73 %

-27,15 %

-53,76 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,06

0,13

0,22

0,11

-75,26

21,58

Acid Test:

3,00

0,88

2,98

0,83

0,77

6,57

Working Capital / Investment:

0,77

0,04

0,76

0,03

1,24

49,66

Solvency:

6,06

1,23

5,91

1,16

2,56

5,89

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,18

1,52

0,19

1,62

-4,10

-6,18

Borrowing Composition:

0,03

1,13

0,05

1,03

-32,24

9,97

Repayment Ability:

-6,69

100,20

-5,44

608,28

-23,02

-83,53

Warranty:

6,40

1,67

6,20

1,63

3,29

2,57

Generated resources / Total creditors:

0,60

0,07

0,76

0,07

-20,97

3,70

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,61

1,76

3,02

1,75

-13,63

0,64

Turnover of Collection Rights :

3,89

4,90

3,77

4,49

3,12

9,03

Turnover of Payment Entitlements:

6,94

3,53

7,69

3,27

-9,73

8,12

Stock rotation:

2,79

6,90

2,82

6,09

-1,30

13,32

Assets turnover:

1,58

1,10

1,53

1,10

2,87

0,70

Borrowing Cost:

0,06

3,07

0,11

2,93

-49,44

5,05

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

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

-0,02 %

0,01 %

0,86 %

-1,20 %

EBITDA over Sales:

8,35 %

11,10 %

12,83 %

12,50 %

14,18 %

Cash Flow Yield:

-0,02 %

-0,03 %

0,01 %

1,10 %

-1,64 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

12,26 %

16,02 %

18,96 %

19,65 %

20,79 %

Total economic profitability:

11,39 %

15,92 %

19,79 %

15,86 %

20,07 %

Financial profitability:

10,14 %

13,74 %

19,40 %

13,94 %

17,50 %

Margin:

7,77 %

10,44 %

12,28 %

11,91 %

13,70 %

Mark-up:

8,12 %

11,15 %

13,68 %

12,33 %

0,89 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,06

0,22

0,24

0,33

0,30

Acid Test:

3,00

2,98

1,86

3,38

2,61

Working Capital / Investment:

0,77

0,76

0,65

0,76

Solvency:

6,06

5,91

3,41

5,25

5,16

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

0,18

0,19

0,39

0,23

Borrowing Composition:

0,03

0,05

0,03

0,04

0,02

Repayment Ability:

-6,69

-5,44

26,79

1,17

1,69

Warranty:

6,40

6,20

3,60

5,36

5,38

Generated resources / Total creditors:

0,60

0,76

0,53

0,64

0,81

Efficiency

2012

2011

2010

2009

2008

Productivity:

2,61

3,02

3,49

3,39

3,41

Turnover of Collection Rights :

3,89

3,77

3,76

3,75

4,00

Turnover of Payment Entitlements:

6,94

7,69

6,02

5,91

6,98

Stock rotation:

2,79

2,82

3,03

3,38

2,55

Assets turnover:

1,58

1,53

1,54

1,65

1,52

Borrowing Cost:

0,06

0,11

0,21

0,33

0,71

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.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.69
UK Pound	1	Rs.102.97
Euro	1	Rs.84.58

INFORMATION DETAILS

Report Prepared by :

NNA

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch 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

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit