MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	REFRACTARIOS ESPECIALES SA

Registered Office :	C/ Poniente, 6 - P.I. Poyo de Reva. Riba-Roja De Turia Valencia 46190

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	20.12.1940

Legal Form :	Public Company

Line of Business :	Subject is engaged in manufacturing of refractory products in the cement industry

No. of Employees :	79

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 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:

REFRACTARIOS ESPECIALES SA

NIF / Fiscal code:

A28052249

Status:

ACTIVE

Incorporation Date:

20/12/1940

Register Data

Last Published Account Deposit:

2012

Share Capital:

1.427.403,75

Localization:

C/ PONIENTE, 6 - P.I. POYO DE REVA. - RIBA-ROJA DE TURIA - 46190 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 961547505 Email. sales@refracta.net Website. www.refracta.net

Activity:

NACE:

2320 - Manufacture of refractory products

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

---

Partners:

ALY HASSAN EL NECKLAWWY

13.51 %

REFRACTARIOS INTERNACIONALES SL

62.85 %

Identification

Social Denomination:

REFRACTARIOS ESPECIALES SA

NIF / Fiscal code:

A28052249

Corporate Status:

ACTIVE

Start of activity:

1940

Registered Office:

C/ PONIENTE, 6 - P.I. POYO DE REVA.

Locality:

RIBA-ROJA DE TURIA

Province:

VALENCIA

Postal Code:

46190

Telephone:

961547505

Fax:

961548883

Website:

www.refracta.net

Email:

sales@refracta.net

Activity

NACE:

2320

Additional Information:

The subject is engaged in manufacturing of refractory products in the cement industry.

Additional Address:

Registered office, factory, shed, owned by the company, are located in C/ PONIENTE, 6 - P.I. POYO DE REVA. 46190 RIBA-ROJA DE TURIA ( VALENCIA ).

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Temporary Receivership (1)

1992

Appointments/ Re-elections (1)

1993

Accounts deposit (ejer. 1990, 1991, 1992) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1994

Other Concepts/ Events (1)

1995

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

1997

Accounts deposit (ejer. 1995, 1996) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

1998

Board Meeting (1)

1999

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Board Meeting (2) Closing of Page of Property Register (1) Reopening of an entry in the Register (1)

2000

Accounts deposit (ejer. 1998) Board Meeting (1)

2001

Accounts deposit (ejer. 1999) Appointments/ Re-elections (3) Board Meeting (2) Temporary Receivership (2)

2002

Accounts deposit (ejer. 2000) Board Meeting (1)

2003

Board Meeting (1) Cessations/ Resignations/ Reversals (1) Temporary Receivership (1)

2004

Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (4) Board Meeting (1)

2005

Accounts deposit (ejer. 2003, 2004) Appointments/ Re-elections (1) Board Meeting (1)

2006

Appointments/ Re-elections (1) Board Meeting (1)

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

2008

Board Meeting (1) Temporary Receivership Cancellation (1)

2009

Board Meeting (1)

2010

Board Meeting (1)

2011

Board Meeting (1)

2012

Board Meeting (1)

2013

Accounts deposit (ejer. 2009, 2010, 2011, 2012) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

Breakdown of Owners' Equity

Registered Capital:

1.427.403,75

Paid up capital:

1.427.403,75

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

FAJARDO SOLA PEDRO

11/06/2013

MEMBER OF THE BOARD

FAJARDO SOLA PEDRO

11/06/2013

BONET ZAPATER FEDERICO

11/06/2013

CAMPOS FERNANDEZ EPIFANIO

11/06/2013

RATO IGLESIAS FRANCISCO

11/06/2013

COMBINED PROXY

PEREZ MARTINEZ FRANCISCO

05/11/1997

HERRAIZ ESPADA MIGUEL

05/11/1997

VILLENA CORTES FE MARIA

05/11/1997

PERIS SUAY JAIME MATIAS

05/11/1997

BLAY PASCUAL VICENTE

05/11/1997

GIMENEZ GIMENEZ ANTONIO

29/09/1992

SECRETARY

BONET ZAPATER FEDERICO

11/06/2013

ACCOUNTS' AUDITOR / HOLDER

ROSELLO PALMER JUAN VICENTE

11/06/2013

DEPUTY ACCOUNTS' AUDITOR

ANDREU LLOPEZ JOSE

11/06/2013

Social Body's Name

Post published

End Date

Other Positions in this Company

ANDREU FAJARDO VICENTE

CONTROLLER

05/05/2003

ANDREU LLOPEZ JOSE

DEPUTY ACCOUNTS' AUDITOR

11/06/2013

DEPUTY ACCOUNTS' AUDITOR

11/06/2013

DEPUTY ACCOUNTS' AUDITOR

24/05/2005

DEPUTY ACCOUNTS' AUDITOR

11/06/2013

DEPUTY ACCOUNTS' AUDITOR

11/06/2013

BONET ZAPATER FEDERICO

SECRETARY

11/06/1990

MEMBER OF THE BOARD

14/06/1999

SECRETARY

14/06/1999

SECRETARY

24/05/2007

MEMBER OF THE BOARD

24/05/2007

SECRETARY

21/01/2013

MEMBER OF THE BOARD

11/06/2013

BONET ZAPATER FEDERICO JESUS

SECRETARY

30/07/1993

MEMBER OF THE BOARD

02/01/2004

SECRETARY

24/05/2007

CAMPO FERNANDEZ EPIFANIO

MEMBER OF THE BOARD

14/06/1999

MEMBER OF THE BOARD

02/01/2004

MEMBER OF THE BOARD

24/05/2007

MEMBER

11/06/1990

MEMBER

30/07/1993

CAMPOS FERNANDEZ EPIFANIO

MEMBER OF THE BOARD

21/01/2013

CARDONA FORES JOSE FERNANDO

DEPUTY ACCOUNTS' AUDITOR

25/06/2004

DEPUTY ACCOUNTS' AUDITOR

02/01/2004

DEPUTY ACCOUNTS' AUDITOR

08/08/1997

DEPUTY ACCOUNTS' AUDITOR

11/01/2001

DEPUTY ACCOUNTS' AUDITOR

16/07/2001

DEPUTY ACCOUNTS' AUDITOR

21/10/2004

ACCOUNTS' AUDITOR / HOLDER

24/05/2005

ACCOUNTS' AUDITOR / HOLDER

05/05/2006

FAJARDO SOLA PEDRO

CHIEF EXECUTIVE OFFICER

30/07/1993

MEMBER

11/06/1990

VICE CHAIRMAN

30/07/1993

MEMBER OF THE BOARD

02/01/2004

PRESIDENT

14/06/1999

MEMBER OF THE BOARD

14/06/1999

PRESIDENT

02/01/2004

MEMBER OF THE BOARD

11/06/2013

PRESIDENT

24/05/2007

MEMBER OF THE BOARD

24/05/2007

PRESIDENT

21/01/2013

HERRAIZ ESPADA MIGUEL

COMBINED PROXY

05/11/1997

JACTSON O'BRYAN PAUL

MEMBER

11/06/1990

MEIRAS JUAREZ RUBEN

VICE CHAIRMAN

11/06/1990

MIGUEL FERNANDEZ ENRIQUE

PRESIDENT

11/06/1990

PRESIDENT

30/07/1993

PRESIDENT

11/04/1995

MEMBER OF THE BOARD

11/04/1995

PEREZ MARTINEZ FRANCISCO

COMBINED PROXY

05/11/1997

RAMOS FORTEA JOSE LUIS

CONTROLLER

05/05/2003

RATO IGLESIAS FRANCISCO

MEMBER OF THE BOARD

14/06/1999

MEMBER OF THE BOARD

02/01/2004

MEMBER OF THE BOARD

24/05/2007

MEMBER OF THE BOARD

21/01/2013

MEMBER

11/06/1990

MEMBER

30/07/1993

ROMERO BONILLA JUAN MANUEL

ACCOUNTS' AUDITOR / HOLDER

08/08/1997

ACCOUNTS' AUDITOR / HOLDER

16/07/2001

ACCOUNTS' AUDITOR / HOLDER

02/01/2004

ACCOUNTS' AUDITOR / HOLDER

25/06/2004

ACCOUNTS' AUDITOR / HOLDER

11/01/2001

ACCOUNTS' AUDITOR / HOLDER

21/10/2004

ROSELLO PALMER JUAN VICENTE

ACCOUNTS' AUDITOR / HOLDER

11/06/2013

ACCOUNTS' AUDITOR / HOLDER

11/06/2013

ACCOUNTS' AUDITOR / HOLDER

11/06/2013

TALLERES MATEU SUCESORES SL

CONTROLLER

05/05/2003

YATES HAGAN DANIEL

MEMBER

11/06/1990

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

---

24/02/2010

> Details

Basis for rating

Positive Factors

Adverse Factors

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

Productivity increase. Its salaried staff productivity has increased with respect to the previous fiscal year.

Positive Working Capital. Its Working Capital quality is significant, i.e. much of its 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.

Financial Cost Reduction. Its average financial expense in 2012 with respect to its operating gross result is 21.25%. As this value is lower than that of the previous fiscal year, the financial situation is deemed, in principle, to have improved.

ROE amplifying effect. Total Economic Rate of Return in 2012 is higher than the Borrowing Cost; therefore, the leverage is higher than the unit and has a ROE amplifying effect. This, in principle, indicates that the company's ROI is higher than its investment financing cost.

It has minor judicial claims. of outstanding debts with Public Administration bodies or resulting from claims filed by individuals before Courts of the different jurisdictions have been published in the Official Gazettes. However, these judicial claims are in stages prior to the execution phase.

LEGAL 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

1 Incidence for a total cost of 271,69 E

IN THE SOCIAL COURT Nº 5 DE VALENCIA - Date 24/02/2010

Last Published Stage:

SENTENCE NOTIFICATION

Record Number:

852/2009

Amount of the incidence:

271,69 E

Requested by:

VARIOS DEMANDANTES

Published domicile:

VALENCIA

Source:

B.O.P. VALENCIA Nº56, 2010 PAGINA 108

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ALY HASSAN EL NECKLAWWY

13.51

REFRACTARIOS INTERNACIONALES SL

MADRID

62.85

Turnover

Total Sales 2013

14.000.000

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normales

October 2013

2011

Normales

June 2013

2010

Normales

June 2013

2009

Normales

June 2013

2006

Normales

November 2007

2005

Normales

May 2007

2004

Normales

October 2005

2003

Normales

March 2005

2002

Normales

July 2004

2001

Normales

January 2004

2000

Normales

February 2002

1999

Normales

February 2001

1998

Normales

January 2000

1997

Normales

June 1999

1996

Normales

September 1997

1995

Normales

September 1996

1994

Normales

September 1995

1993

Normales

August 1995

1992

Normales

September 1993

1991

Normales

October 1993

1990

Normales

July 1993

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 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 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

EQUIVALENCIA

Assets

2012

2011

2010

2006

2005

A) NON-CURRENT ASSETS: 11000

6.041.861,00

6.334.409,00

6.648.822,00

7.264.526,00

3.974.152,00

I. Intangible fixed assets : 11100

22.880,00

14.709,00

38.500,00

37.780,00

60.343,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

32.770,00

33.769,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

22.880,00

14.709,00

38.500,00

5.009,00

26.575,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

4.241.505,00

4.640.758,00

5.051.821,00

7.178.156,00

3.822.139,00

1. Land and buildings: 11210

2.799.613,00

2.816.324,00

2.833.034,00

2.390.181,00

3.330,00

2. Technical installations and other tangible fixed assets: 11220

1.441.892,00

1.824.435,00

2.218.787,00

4.787.975,00

1.582.412,00

3. Tangible asset in progress and advances: 11230

0,00

2.236.396,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

1.777.476,00

1.678.943,00

1.558.501,00

48.590,00

91.670,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

73.186,00

6.600,00

0,00

52.764,00

3. Debt securities: 11530

23.065,00

30.667,00

30.000,00

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

1.681.225,00

1.641.676,00

1.528.501,00

48.590,00

38.906,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

6.699.754,00

7.760.563,00

7.289.328,00

7.429.171,00

7.787.914,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.200.717,00

3.031.670,00

3.542.445,00

2.960.762,00

2.727.317,00

1. Commercial: 12210

146.010,00

177.501,00

2.367,00

2.705,00

4.057,00

2. Primary material and other supplies: 12220

816.352,00

988.358,00

971.523,00

1.066.529,00

1.082.923,00

3. Work in progress: 12230

87.372,00

163.631,00

123.648,00

155.809,00

163.176,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

87.372,00

163.631,00

123.648,00

155.809,00

163.176,00

4. Finished goods: 12240

1.150.342,00

1.625.245,00

2.206.646,00

1.400.215,00

1.343.739,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.150.342,00

1.625.245,00

2.206.646,00

1.400.215,00

1.343.739,00

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

0,00

6. Advances to suppliers: 12260

641,00

76.936,00

238.261,00

335.504,00

133.423,00

III. Trade debtors and others receivable accounts: 12300

3.369.127,00

3.911.790,00

2.930.246,00

4.316.870,00

4.769.686,00

1. Trade debtors / accounts receivable: 12310

2.621.556,00

3.307.700,00

2.443.200,00

4.031.454,00

3.790.497,00

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

0,00

b) Customers for sales and provisions of services : 12312

2.621.556,00

3.307.700,00

2.443.200,00

4.031.454,00

3.790.497,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

90.000,00

0,00

870.712,00

4. Personnel: 12340

100.134,00

48.588,00

27.415,00

128.048,00

3.316,00

5. Assets for deferred tax: 12350

0,00

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

557.437,00

465.502,00

459.630,00

157.369,00

105.162,00

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

11.261,00

0,00

100.000,00

1. Equity instruments: 12510

0,00

100.000,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

11.261,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

323,00

VII. Cash and other equivalent liquid assets : 12700

1.118.649,00

805.841,00

805.377,00

151.539,00

190.587,00

1. Treasury: 12710

1.118.649,00

805.841,00

805.377,00

151.539,00

190.587,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

12.741.615,00

14.094.972,00

13.938.151,00

14.693.696,00

11.762.066,00

ORIGINAL

EQUIVALENCIA

Liabilities and Net Worth

2012

2011

2010

2006

2005

A) NET WORTH: 20000

5.398.164,00

5.058.585,00

4.873.359,00

3.659.712,00

3.594.168,00

A-1) Shareholders' equity: 21000

5.398.164,00

5.010.079,00

4.760.243,00

3.659.712,00

3.594.168,00

I. Capital: 21100

1.427.404,00

1. Registered capital : 21110

1.427.404,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

697.402,00

III. Reserves: 21300

2.885.273,00

2.635.437,00

2.059.125,00

1.496.946,00

1.570.564,00

1. Legal and statutory: 21310

285.481,00

254.130,00

2. Other reserves: 21320

2.599.792,00

2.349.956,00

1.773.644,00

1.242.816,00

1.316.434,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-101.203,00

-413.813,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-101.203,00

-413.813,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

388.085,00

249.836,00

576.312,00

139.163,00

312.610,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

48.506,00

113.116,00

0,00

B) NON-CURRENT LIABILITIES: 31000

1.218.953,00

1.880.384,00

1.906.444,00

3.621.674,00

1.782.839,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.157.909,00

1.813.096,00

1.866.544,00

3.621.674,00

1.782.839,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

240.098,00

674.116,00

1.888.436,00

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.157.909,00

1.572.998,00

1.192.428,00

1.733.239,00

1.782.839,00

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

0,00

IV. Liabilities for deferred tax: 31400

61.044,00

67.288,00

39.900,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

6.124.498,00

7.156.004,00

7.158.348,00

7.412.309,00

6.385.058,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

3.031.706,00

3.470.990,00

3.121.562,00

3.484.227,00

2.646.996,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.563.192,00

2.930.947,00

2.570.839,00

3.215.580,00

2.386.663,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

468.515,00

540.044,00

550.723,00

268.647,00

260.333,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.092.792,00

3.685.013,00

4.036.786,00

3.928.082,00

3.738.063,00

1. Suppliers: 32510

1.815.749,00

2.402.768,00

2.101.719,00

3.283.188,00

2.837.041,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.815.749,00

2.402.768,00

2.101.719,00

3.283.188,00

2.837.041,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

539.231,00

528.549,00

534.088,00

0,00

4. Personnel (remuneration due): 32540

312.758,00

417.668,00

245.305,00

286.459,00

225.732,00

5. Liabilities for current tax: 32550

169.485,00

130.066,00

346.723,00

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

119.421,00

115.962,00

783.861,00

219.862,00

610.816,00

7. Advances from clients: 32570

136.148,00

90.000,00

25.089,00

138.573,00

64.474,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

12.741.615,00

14.094.972,00

13.938.151,00

14.693.696,00

11.762.066,00

ORIGINAL

EQUIVALENCIA

Profit and Loss

2012

2011

2010

2006

2005

1. Net turnover: 40100

14.307.286,00

15.193.969,00

16.742.877,00

14.964.443,00

13.296.712,00

a) Sales: 40110

13.914.248,00

14.804.728,00

16.362.769,00

14.694.650,00

13.084.321,00

b) Rendering of services: 40120

393.039,00

389.240,00

380.108,00

269.794,00

212.392,00

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

-551.162,00

-541.418,00

89.047,00

49.109,00

-173.767,00

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

0,00

29.678,00

4. Supplies : 40400

-6.213.830,00

-6.685.614,00

-7.677.034,00

-8.086.932,00

-7.080.666,00

a) Stock consumption: 40410

-127.160,00

-52.129,00

-372.629,00

-58.805,00

-81.529,00

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

-5.919.519,00

-6.506.361,00

-7.119.924,00

-7.316.274,00

-6.604.089,00

c) Works carried out by other companies: 40430

-167.150,00

-127.123,00

-184.481,00

-711.853,00

-395.049,00

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

0,00

5. Other operating income: 40500

60.035,00

86.578,00

133.971,00

171.728,00

8.500,00

a) Auxiliary income and other from current management: 40510

11.529,00

21.969,00

69.362,00

171.728,00

8.500,00

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

48.506,00

64.610,00

0,00

6. Personnel costs: 40600

-3.199.450,00

-3.558.362,00

-3.979.231,00

-3.418.575,00

-3.234.493,00

a) Wages, salaries et al.: 40610

-2.529.869,00

-2.855.936,00

-3.259.362,00

-2.648.579,00

-2.471.794,00

b) Social security costs: 40620

-669.581,00

-702.426,00

-719.869,00

-769.996,00

-762.699,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.074.855,00

-3.111.850,00

-3.265.057,00

-2.387.312,00

-2.097.199,00

a) External services: 40710

-3.036.580,00

-3.077.720,00

-3.158.708,00

-2.357.752,00

-2.051.144,00

b) Taxes: 40720

-37.434,00

-12.368,00

-37.611,00

-41.288,00

-39.468,00

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

0,00

-21.762,00

0,00

11.728,00

-4.819,00

d) Other current management expenditure : 40740

-842,00

0,00

-68.738,00

0,00

-1.769,00

8. Amortisation of fixed assets: 40800

-534.978,00

-562.781,00

-719.343,00

-601.822,00

-28.506,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

-20.919,00

432.729,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-20.919,00

432.729,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-189.517,00

-551.647,00

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

793.046,00

820.521,00

1.325.231,00

480.204,00

601.341,00

14. Financial income : 41400

2.503,00

3.216,00

3.163,00

929,00

55,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

2.503,00

3.216,00

3.163,00

929,00

55,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

2.503,00

3.216,00

3.163,00

929,00

55,00

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

0,00

15. Financial expenditure: 41500

-282.248,00

-404.016,00

-436.980,00

-340.688,00

-290.222,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-282.248,00

-404.016,00

-436.980,00

-340.688,00

-290.222,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

43.084,00

-2.799,00

-1.702,00

-1.281,00

1.436,00

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

-5.059,00

-9.633,00

0,00

a) Impairment and losses : 41810

-5.059,00

-9.633,00

0,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-241.719,00

-413.231,00

-435.519,00

-341.040,00

-288.731,00

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

551.327,00

407.290,00

889.712,00

139.163,00

312.610,00

20. Income taxes: 41900

-163.241,00

-157.454,00

-313.401,00

0,00

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

388.085,00

249.836,00

576.312,00

139.163,00

312.610,00

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

0,00

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

388.085,00

249.836,00

576.312,00

139.163,00

312.610,00

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

EQUIVALENCIA

ORIGINAL

ASSETS

2012

2011

2010

2006

2005

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

6.041.861,00

6.334.409,00

6.648.822,00

7.270.339,00

3.974.152,00

I. Formation expenses:

0,00

5.813,00

0,00

II. Intangible fixed assets:

22.880,00

14.709,00

38.500,00

749.640,00

793.887,00

1. Research and development costs:

0,00

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

0,00

36.467,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

22.880,00

14.709,00

38.500,00

5.575,00

28.698,00

6. Assets under capital leases:

0,00

792.164,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

-84.566,00

-63.443,00

III. Tangible fixed assets:

4.241.505,00

4.640.758,00

5.051.821,00

6.466.295,00

3.088.595,00

1. Land and construction:

2.799.613,00

2.816.324,00

2.833.034,00

2.602.486,00

4.685,00

2. Technical installations and machinery:

1.441.892,00

1.824.435,00

2.218.787,00

2.213.230,00

33.741,00

3. Other installations, tools and furniture:

0,00

2.081.721,00

854.389,00

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

0,00

2.236.396,00

5. Other tangible assets:

0,00

143.221,00

306.016,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

-574.363,00

-346.634,00

IV. Financial investments:

1.777.476,00

1.678.943,00

1.558.501,00

48.590,00

91.670,00

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. Long-term securities portfolio:

23.065,00

30.667,00

30.000,00

0,00

6. Other receivables:

73.186,00

6.600,00

0,00

52.764,00

7. Long term guarantees and deposits:

1.681.225,00

1.641.676,00

1.528.501,00

48.590,00

38.906,00

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

80.752,00

77.557,00

D) CURRENT ASSETS:

6.699.754,00

7.760.563,00

7.289.328,00

7.429.171,00

7.787.914,00

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

0,00

II. Stocks:

2.200.717,00

3.031.670,00

3.542.445,00

2.960.762,00

2.727.317,00

1. Goods for resale:

146.010,00

177.501,00

2.367,00

2.705,00

4.057,00

2. Raw materials and other consumables:

816.352,00

988.358,00

971.523,00

1.066.529,00

1.082.923,00

3. Goods in process and semifinished ones:

87.372,00

163.631,00

123.648,00

155.809,00

163.176,00

4. Finished products:

1.150.342,00

1.625.245,00

2.206.646,00

1.400.215,00

1.343.739,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

641,00

76.936,00

238.261,00

335.504,00

133.423,00

7. Provisions:

0,00

III. Debtors:

3.369.127,00

3.911.790,00

2.930.246,00

4.316.870,00

4.769.686,00

1. Trade debtors / accounts receivable:

2.621.556,00

3.307.700,00

2.443.200,00

4.299.624,00

4.018.111,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

90.000,00

0,00

922.997,00

5. Staff:

100.134,00

48.588,00

27.415,00

128.048,00

3.316,00

6. Public bodies:

557.437,00

465.502,00

459.630,00

157.369,00

105.162,00

7. Provisions:

0,00

-268.171,00

-279.899,00

IV. Short-term investments:

11.261,00

0,00

100.000,00

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

100.000,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

11.261,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.118.649,00

805.841,00

805.377,00

151.539,00

190.587,00

VII. Prepayments and accrued income:

0,00

323,00

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

12.741.615,00

14.094.972,00

13.938.151,00

14.780.262,00

11.839.623,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

LIABILITIES

2012

2011

2010

2006

2005

A) EQUITY:

5.398.164,00

5.024.631,00

4.794.178,00

3.374.723,00

3.235.559,00

I. Subscribed capital:

1.427.404,00

II. Share premium:

697.402,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.885.273,00

2.649.988,00

2.093.060,00

1.211.956,00

1. Legal reserve:

285.481,00

254.130,00

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:

2.599.792,00

2.364.508,00

1.807.579,00

957.826,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

-101.203,00

-413.813,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-101.203,00

-413.813,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

388.085,00

249.836,00

576.312,00

139.163,00

312.610,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

33.954,00

79.181,00

371.556,00

436.165,00

1. Capital grants:

0,00

33.954,00

79.181,00

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

371.556,00

436.165,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.218.953,00

1.880.384,00

1.906.444,00

3.621.674,00

1.782.839,00

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

240.098,00

674.116,00

1.888.436,00

0,00

1. Loans and other liabilities:

0,00

240.098,00

674.116,00

1.888.436,00

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:

1.218.953,00

1.640.286,00

1.232.328,00

1.733.239,00

1.782.839,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

1.157.909,00

1.572.998,00

1.192.428,00

1.733.239,00

1.782.839,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

61.044,00

67.288,00

39.900,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

6.124.498,00

7.156.004,00

7.158.348,00

7.412.309,00

6.385.058,00

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:

2.563.192,00

2.930.947,00

2.570.839,00

3.215.580,00

2.386.663,00

1. Loans and other liabilities:

2.563.192,00

2.930.947,00

2.570.839,00

3.215.580,00

2.386.663,00

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

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.491.128,00

3.021.317,00

2.660.897,00

3.421.761,00

2.901.515,00

1. Advanced payments from customers:

136.148,00

90.000,00

25.089,00

138.573,00

64.474,00

2. Amounts owed for purchases of goods or services:

2.354.980,00

2.931.317,00

2.635.808,00

688.675,00

1.030.624,00

3. Debts represented by notes payable:

0,00

2.594.513,00

1.806.417,00

V. Other creditors:

1.070.178,00

1.203.739,00

1.926.613,00

774.968,00

1.096.880,00

1. Public bodies:

288.906,00

246.028,00

1.130.584,00

219.862,00

610.816,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

468.515,00

540.044,00

550.723,00

268.647,00

260.333,00

4. Wages and salaries payable:

312.758,00

417.668,00

245.305,00

286.459,00

225.732,00

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):

12.741.615,00

14.094.972,00

13.938.151,00

14.780.262,00

11.839.623,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

DEBIT

2012

2011

2010

2006

2005

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

14.024.824,00

15.033.927,00

16.392.747,00

15.141.774,00

13.576.401,00

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

551.162,00

541.418,00

0,00

173.767,00

A.2. Supplies:

6.213.830,00

6.685.614,00

7.677.034,00

8.086.932,00

7.080.666,00

a) Stock consumption:

127.160,00

52.129,00

372.629,00

58.805,00

81.529,00

b) Consumption of raw materials and miscellaneous consumable ones:

5.919.519,00

6.506.361,00

7.119.924,00

7.316.274,00

6.604.089,00

c) Miscellaneous external expenditure:

167.150,00

127.123,00

184.481,00

711.853,00

395.049,00

A.3. Staff costs:

3.199.450,00

3.558.362,00

3.979.231,00

3.418.575,00

3.234.493,00

a) Wages, salaries et al.:

2.529.869,00

2.855.936,00

3.259.362,00

2.648.579,00

2.471.794,00

b) Social security costs:

669.581,00

702.426,00

719.869,00

769.996,00

762.699,00

A.4. Depreciation expense:

534.978,00

562.781,00

719.343,00

601.822,00

28.506,00

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

0,00

21.762,00

0,00

-11.728,00

4.819,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

-11.728,00

4.819,00

c) Variation of other trade provisions:

0,00

21.762,00

0,00

A.6. Other operating charges:

3.074.855,00

3.090.088,00

3.265.057,00

2.399.040,00

2.092.381,00

a) External services:

3.036.580,00

3.077.720,00

3.158.708,00

2.357.752,00

2.051.144,00

b) Taxes:

37.434,00

12.368,00

37.611,00

41.288,00

39.468,00

c) Other operating expenses:

842,00

0,00

68.738,00

0,00

1.769,00

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):

793.046,00

820.521,00

1.325.231,00

690.640,00

720.259,00

A.7. Financial and similar charges:

282.248,00

404.016,00

436.980,00

340.688,00

290.222,00

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.:

282.248,00

404.016,00

436.980,00

340.688,00

290.222,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

5.059,00

9.633,00

0,00

A.9. Exchange losses:

0,00

2.799,00

1.702,00

1.457,00

2.089,00

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

0,00

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

551.327,00

407.290,00

889.712,00

349.599,00

431.528,00

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

20.919,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

133.187,00

622.579,00

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

0,00

150.881,00

46.879,00

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

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

551.327,00

407.290,00

889.712,00

139.163,00

312.610,00

A.15. Corporation tax:

163.241,00

157.454,00

313.401,00

0,00

A.16. Miscellaneous taxes:

0,00

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

388.085,00

249.836,00

576.312,00

139.163,00

312.610,00

MERCANTILE REGISTRY.

EQUIVALENCIA

ORIGINAL

CREDIT

2012

2011

2010

2006

2005

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

14.412.909,00

15.283.763,00

16.969.059,00

15.280.937,00

13.889.011,00

B.1. Net total sales:

14.307.286,00

15.193.969,00

16.742.877,00

14.964.443,00

13.296.712,00

a) Sales:

13.914.248,00

14.804.728,00

16.362.769,00

14.694.650,00

13.084.321,00

b) Rendering of services:

393.039,00

389.240,00

380.108,00

269.794,00

212.392,00

Returns and Rappel on sales:

0,00

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

0,00

89.047,00

49.109,00

0,00

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

0,00

29.678,00

B.4. Miscellaneous operating income:

60.035,00

86.578,00

133.971,00

171.728,00

8.500,00

a) Auxiliary income and other from current management:

11.529,00

21.969,00

69.362,00

171.728,00

8.500,00

b) Grants:

48.506,00

64.610,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

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:

2.503,00

3.216,00

3.163,00

929,00

55,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

2.503,00

3.216,00

3.163,00

929,00

55,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

43.084,00

0,00

176,00

3.525,00

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

241.719,00

413.231,00

435.519,00

341.040,00

288.731,00

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

432.729,00

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

74.484,00

91.439,00

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

0,00

20.068,00

26.372,00

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

210.436,00

118.918,00

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

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

2006

2005

1. Fiscal year result before taxes.: 61100

551.327,00

407.290,00

889.712,00

139.163,00

312.610,00

2. Results adjustments.: 61200

621.162,00

926.069,00

1.370.964,00

931.134,00

322.055,00

a) Fixed Assets Amortization (+).: 61201

534.978,00

562.781,00

719.343,00

601.822,00

28.506,00

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

-101.970,00

24.300,00

0,00

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

0,00

-11.728,00

4.819,00

d) Allocation of grants (-).: 61204

-48.506,00

-64.610,00

0,00

g) Financial income (-).: 61207

-2.503,00

-3.216,00

-3.163,00

-1.105,00

-3.581,00

h) Financial Expenses (+). : 61208

282.248,00

404.016,00

436.980,00

342.145,00

292.311,00

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

-43.084,00

2.799,00

1.702,00

0,00

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

0,00

280.712,00

0,00

3. Changes in current capital equity.: 61300

765.992,00

-223.000,00

-587.058,00

461.952,00

-1.425.972,00

a) Stock (+/-).: 61301

830.953,00

510.775,00

-344.313,00

-233.444,00

-5.939,00

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

546.782,00

-1.181.971,00

-47.337,00

464.544,00

-784.536,00

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

0,00

100.323,00

-99.631,00

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

-611.744,00

448.196,00

-195.408,00

198.334,00

-393.699,00

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

0,00

-67.805,00

-142.167,00

4. Other cash flows for operating activities.: 61400

-279.745,00

-400.799,00

-410.115,00

-341.040,00

-288.731,00

a) Interest payments (-). : 61401

-282.248,00

-404.016,00

-413.278,00

-342.145,00

-292.311,00

c) Interest collection (+). : 61403

2.503,00

3.216,00

3.163,00

1.105,00

3.581,00

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

1.658.736,00

709.560,00

1.263.503,00

1.191.209,00

-1.080.038,00

6. Payments for investment (-).: 62100

-247.338,00

-258.001,00

-102.566,00

-3.393.197,00

-843.911,00

b) Intangible fixed assets. : 62102

-25.075,00

0,00

-23.433,00

0,00

-791.147,00

c) Fixed assets. : 62103

-118.822,00

-127.927,00

-79.133,00

-3.377.700,00

0,00

e) Other financial assets. : 62105

-103.441,00

-130.074,00

0,00

-9.684,00

-52.764,00

h) Other assets. : 62108

0,00

-5.813,00

0,00

7. Divestment payment collection (+). : 62200

0,00

97.011,00

685.036,00

b) Intangible fixed assets. : 62202

0,00

44.246,00

0,00

c) Fixed assets. : 62203

0,00

676.698,00

e) Other financial assets. : 62205

0,00

52.764,00

8.338,00

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

-247.338,00

-258.001,00

-102.566,00

-3.898.009,00

-187.380,00

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

0,00

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

0,00

173.447,00

268.131,00

b) Amortization of assets instruments (-). : 63102

0,00

-173.447,00

-268.131,00

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

-1.098.590,00

-451.094,00

-475.364,00

2.667.752,00

1.179.913,00

a) Issuance : 63201

0,00

822.748,00

2.717.353,00

1.179.913,00

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

0,00

822.748,00

2.717.353,00

656.201,00

5. Other debts (+). : 63206

0,00

523.712,00

b) Repayment and amortization of : 63207

-1.098.590,00

-451.094,00

-1.298.112,00

-49.601,00

0,00

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

-611.972,00

-112.820,00

-884.695,00

0,00

5. Other debts (-). : 63212

-486.618,00

-338.274,00

-413.416,00

-49.601,00

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

-1.098.590,00

-451.094,00

-475.364,00

2.667.752,00

1.179.913,00

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

312.808,00

465,00

685.573,00

-39.048,00

-87.505,00

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

805.841,00

805.377,00

190.587,00

278.092,00

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

1.118.649,00

805.377,00

119.803,00

151.539,00

190.587,00

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 %

0,00 %

EBITDA over Sales:

9,28 %

9,62 %

9,10 %

10,06 %

1,95 %

-4,41 %

Cash Flow Yield:

0,02 %

0,01 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

7,24 %

5,79 %

6,61 %

6,97 %

9,46 %

-16,86 %

Total economic profitability:

6,54 %

2,90 %

5,76 %

4,18 %

13,66 %

-30,67 %

Financial profitability:

7,19 %

2,22 %

4,99 %

5,88 %

44,17 %

-62,30 %

Margin:

5,52 %

5,25 %

5,37 %

6,36 %

2,79 %

-17,45 %

Mark-up:

3,84 %

2,18 %

2,67 %

4,73 %

43,97 %

-54,03 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,18

0,13

0,11

62,20

20,82

Acid Test:

0,73

0,88

0,66

0,83

11,16

6,55

Working Capital / Investment:

0,05

0,04

0,03

5,26

49,40

Solvency:

1,09

1,23

1,08

1,16

0,87

5,69

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,36

1,55

1,79

1,65

-23,85

-5,73

Borrowing Composition:

0,20

1,13

0,26

1,04

-24,26

9,33

Repayment Ability:

23,48

105,08

19.448,15

626,96

-99,88

-83,24

Warranty:

1,74

1,65

1,56

1,62

11,24

2,35

Generated resources / Total creditors:

0,13

0,07

0,09

0,07

38,90

3,11

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,42

1,76

1,39

1,75

1,90

0,53

Turnover of Collection Rights :

4,26

4,89

3,91

4,49

9,17

9,02

Turnover of Payment Entitlements:

2,83

3,53

2,51

3,27

12,47

8,11

Stock rotation:

6,17

6,90

4,77

6,09

29,32

13,26

Assets turnover:

1,31

1,10

1,23

1,10

6,49

0,71

Borrowing Cost:

3,84

3,07

4,47

2,93

-14,03

4,79

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2006, 2005)

Cash Flow

2012

2011

2010

2006

2005

Cash Flow over Sales:

0,02 %

0,00 %

0,05 %

-0,26 %

-0,66 %

EBITDA over Sales:

9,28 %

9,10 %

12,21 %

8,56 %

5,67 %

Cash Flow Yield:

0,02 %

0,00 %

0,06 %

-0,27 %

-0,74 %

Profitability

2012

2011

2010

2006

2005

Operating economic profitability:

7,24 %

6,61 %

10,71 %

4,71 %

6,23 %

Total economic profitability:

6,54 %

5,76 %

9,52 %

3,26 %

5,13 %

Financial profitability:

7,19 %

4,99 %

12,11 %

4,12 %

9,66 %

Margin:

5,52 %

5,37 %

7,85 %

4,55 %

5,40 %

Mark-up:

3,84 %

2,67 %

5,27 %

2,30 %

3,24 %

Solvency

2012

2011

2010

2006

2005

Liquidity:

0,18

0,11

0,02

0,03

Acid Test:

0,73

0,66

0,52

0,60

0,79

Working Capital / Investment:

0,05

0,04

0,01

0,00

0,12

Solvency:

1,09

1,08

1,02

1,00

1,22

Indebtedness

2012

2011

2010

2006

2005

Indebtedness level:

1,36

1,79

1,86

2,95

2,22

Borrowing Composition:

0,20

0,26

0,27

0,49

0,28

Repayment Ability:

23,48

19.448,15

11,26

-13,74

7,18

Warranty:

1,74

1,56

1,54

1,33

1,44

Generated resources / Total creditors:

0,13

0,09

0,14

0,07

0,03

Efficiency

2012

2011

2010

2006

2005

Productivity:

1,42

1,39

1,51

1,37

1,23

Turnover of Collection Rights :

4,26

3,91

5,76

3,52

2,80

Turnover of Payment Entitlements:

2,83

2,51

2,73

3,06

3,22

Stock rotation:

6,17

4,77

4,39

4,90

4,62

Assets turnover:

1,31

1,23

1,36

1,04

1,15

Borrowing Cost:

3,84

4,47

4,82

3,09

3,55

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Levante-emv.com

08/07/2012

Un incendio arrasa una nave de plástico de Riba-roja

Companies related

BAHOPLAS SOCIEDAD LIMITADA

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The subject is a company founded several years ago, which provide it with enough experience in its sector of activity. The subject meets normally its payment commitments.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NIS

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Defaults, Legal Claims and Insolvency Proceedings

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

LEGAL CLAIMS

Financial Years Presented

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Sources

Unit