MIRA INFORM REPORT

Report Date :

30.01.2014

IDENTIFICATION DETAILS

Name :	QUIMIDROGA SA

Registered Office :	C/ Tuset, 26, Barcelona, 08006, Barcelona

Country :	Spain

Financials (as on) :	2012

Date of Incorporation :	14.01.1944

Legal Form :	Public Limited Company

Line of Business :	Subject is engaged in the distribution of chemical products including basic industrial or commodities and specialties of higher degree of sophistication.

No. of Employees :	353

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:

QUIMIDROGA SA

NIF / Fiscal code:

A08002073

Status:

ACTIVE

Incorporation Date:

14/01/1944

Register Data

Last Publication in BORME:

16/12/2013 [Appointments]

Last Published Account Deposit:

2012

Share Capital:

211.311,60

Localization:

C/ TUSET, 26 - BARCELONA - 08006 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 932363636 Email. comercial@quimidroga.com Website. www.quimidroga.com

Number of Branches

Activity:

NACE:

4690 - Non-specialised wholesale trade

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:

ACCIONES PROPIAS DE QUIMIDROGA, S.A.

18.43 %

Identification

Social Denomination:

QUIMIDROGA SA

NIF / Fiscal code:

A08002073

Corporate Status:

ACTIVE

Start of activity:

1944

Registered Office:

C/ TUSET, 26

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08006

Telephone:

932363636

Fax:

932179325

Website:

www.quimidroga.com

Email:

comercial@quimidroga.com

Branch Offices

Address

Postal Code

City

Province

CALLE CASTELLO 10 4B C

28009

MADRID

Margarita Salas, 1

33204

GIJON

ASTURIAS

CALLE LOS LLANILLOS 23 POL IND LAS MAJORERAS

35259

INGENIO

LAS PALMAS

CALLE BALBINO MARRON S/N EDIFICIO VIAPOL 6º MODULO 2

41018

SEVILLA

AVENI FRANCIA 17 ESC C 1º PTAS 1 2

46023

VALENCIA

MUELL TOMAS OLABARRI 3 4D

48930

GETXO

VIZCAYA

CALLE ARBOLEDA (SANTA ISABEL) 1

50016

ZARAGOZA

Activity

NACE:

4690

CNAE Obtaining Source:

4690

Additional Information:

It is engaged in the distribution of chemical products including basic industrial or commodities and specialties of higher degree of sophistication. Quimidroga includes over 7,000 references from 500 suppliers worldwide

Additional Address:

C/ TUSET, 26 08006 BARCELONA, registered office and commercial offices.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

353

Chronological Summary

Year

Act

1990

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

1991

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

1992

Accounts deposit (ejer. 1991 consolidated, 1991) Adaptation to Law (1) Appointments/ Re-elections (7) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (2)

1993

Accounts deposit (ejer. 1992 consolidated, 1992) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (6) Statutory Modifications (2)

1994

Accounts deposit (ejer. 1993 consolidated, 1993) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)

1995

Accounts deposit (ejer. 1994 consolidated, 1994) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1996

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

1997

Appointments/ Re-elections (15) Capital Reduction (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1) Take-over Merger (5)

1998

Accounts deposit (ejer. 1996 consolidated, 1996, 1997) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998 consolidated, 1998) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2000

Accounts deposit (ejer. 1999 consolidated, 1999) Appointments/ Re-elections (32) Capital Reduction (5) Cessations/ Resignations/ Reversals (6) Errata (3)

2001

Appointments/ Re-elections (16) Cessations/ Resignations/ Reversals (9) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2000 consolidated, 2001 consolidated, 2000, 2001) Appointments/ Re-elections (17) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1) Statutory Modifications (1)

2003

Accounts deposit (ejer. 2002 consolidated, 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (ejer. 2003 consolidated, 2003) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)

2005

Accounts deposit (ejer. 2004 consolidated, 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)

2006

Accounts deposit (ejer. 2005 consolidated, 2005) Appointments/ Re-elections (4)

2007

Accounts deposit (ejer. 2006 consolidated, 2006) Appointments/ Re-elections (5) Board Meeting (2) Cessations/ Resignations/ Reversals (4) Take-over Merger (5)

2008

Accounts deposit (ejer. 2007 consolidated, 2007) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008 consolidated, 2008) Appointments/ Re-elections (1) Board Meeting (1) Capital Reduction (2)

2010

Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2011

Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)

2012

Accounts deposit (ejer. 2011 consolidated, 2011) Appointments/ Re-elections (6)

2013

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

Breakdown of Owners' Equity

Registered Capital:

211.311,60

Paid up capital:

211.311,60

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

15/03/1990

Increase of Capital

84.142

685.154

03/08/1990

Capital Reduction

-84.142

601.012

03/08/1990

Increase of Capital

4.207.085

4.808.097

10/03/1992

Capital Reduction

-4.507.591

300.506

13/03/1992

Increase of Capital

48.081

348.587

21/06/1995

Capital Reduction

-21.035

327.552

10/11/1997

Capital Reduction

-27.046

300.506

08/06/2000

Capital Reduction

-19.443

281.063

20/12/2000

Capital Reduction

-1.412

279.651

25/08/2009

Capital Reduction

-21.696

257.949

23/06/2011

Capital Reduction

-46.638

211.312

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

SISQUELLAS MONTERO ENRIQUE

27/07/2012

CHIEF EXECUTIVE OFFICER

MUÑOZ COLAS VICENTE

02/08/2007

CESAR FELIX MILEO BELLFORT

02/08/2007

LLOP BALAGUER JOSE

25/08/1993

MEMBER OF THE BOARD

PUNTER BLANQUE RAFAEL

27/07/2012

SISQUELLAS MONTERO ENRIQUE

27/07/2012

SISQUELLAS MONTERO FRANCISCO JAVIER

27/07/2012

DOMENECH GARAY JORGE

27/07/2012

NON CONSELLOR SECRETARY

RAYMOND BARA SANTIAGO

27/07/2012

ACCOUNTS' AUDITOR / HOLDER

GRANT THORNTON SLP

05/12/2013

CONSOLIDATED ACCOUNTS' AUDITOR

GRANT THORNTON SLP

05/12/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDIHISPANA GRANT THORNTON SL

CONSOLIDATED ACCOUNTS' AUDITOR

05/12/2008

ACCOUNTS' AUDITOR / HOLDER

05/12/2008

ACCOUNTS' AUDITOR / HOLDER

17/11/2009

CONSOLIDATED ACCOUNTS' AUDITOR

17/11/2009

CONSOLIDATED ACCOUNTS' AUDITOR

07/12/2010

ACCOUNTS' AUDITOR / HOLDER

07/12/2010

AUDIHISPANA GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

30/12/2011

CONSOLIDATED ACCOUNTS' AUDITOR

30/12/2011

AUDIHISPANA S A

ACCOUNTS' AUDITOR / HOLDER

28/12/2006

CONSOLIDATED ACCOUNTS' AUDITOR

28/12/2006

AUDIHISPANA SA

ACCOUNTS' AUDITOR / HOLDER

31/03/1992

ACCOUNTS' AUDITOR / HOLDER

30/03/1998

ACCOUNTS' AUDITOR / HOLDER

19/01/1999

CONSOLIDATED ACCOUNTS' AUDITOR

22/01/1997

CONSOLIDATED ACCOUNTS' AUDITOR

30/03/1998

CONSOLIDATED ACCOUNTS' AUDITOR

19/01/1999

CONSOLIDATED ACCOUNTS' AUDITOR

31/01/2000

ACCOUNTS' AUDITOR / HOLDER

31/01/2000

ACCOUNTS' AUDITOR / HOLDER

23/01/2001

CONSOLIDATED ACCOUNTS' AUDITOR

23/01/2001

CONSOLIDATED ACCOUNTS' AUDITOR

21/01/2002

ACCOUNTS' AUDITOR / HOLDER

21/01/2002

ACCOUNTS' AUDITOR / HOLDER

24/03/2003

CONSOLIDATED ACCOUNTS' AUDITOR

24/03/2003

CONSOLIDATED ACCOUNTS' AUDITOR

17/12/2003

ACCOUNTS' AUDITOR / HOLDER

17/12/2003

ACCOUNTS' AUDITOR / HOLDER

20/01/2005

ACCOUNTS' AUDITOR / HOLDER

20/01/2006

ACCOUNTS' AUDITOR / HOLDER

30/01/2008

CONSOLIDATED ACCOUNTS' AUDITOR

20/01/2005

CONSOLIDATED ACCOUNTS' AUDITOR

20/01/2006

CONSOLIDATED ACCOUNTS' AUDITOR

30/01/2008

BONET AÑO PASCUAL

MANAGER

20/01/1992

CESAR FELIX MILEO BELLFORT

CHIEF EXECUTIVE OFFICER

02/08/2007

DOMENECH GARAY JORGE

MEMBER OF THE BOARD

27/07/2012

MEMBER OF THE BOARD

23/07/2007

DOMENECH TRINCHANT JAIME

ADMINISTRATOR

27/11/1992

MEMBER OF THE BOARD

25/08/1993

CHIEF EXECUTIVE OFFICER

25/08/1993

PRESIDENT

25/08/1993

GARAY UNIBASO BEGOÑA

MEMBER OF THE BOARD

20/08/2004

MEMBER OF THE BOARD

12/11/2001

MEMBER OF THE BOARD

23/10/1997

GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

08/01/2013

CONSOLIDATED ACCOUNTS' AUDITOR

08/01/2013

CONSOLIDATED ACCOUNTS' AUDITOR

05/12/2013

ACCOUNTS' AUDITOR / HOLDER

05/12/2013

LLOP BALAGUER JOSE

ASSISTANT DIRECTOR

25/08/1993

MEMBER OF THE BOARD

23/10/1997

MEMBER OF THE BOARD

12/11/1998

MILEO BELLFORT CESAR FELIX

NON CONSELLOR SECRETARY

02/02/1998

NON CONSELLOR SECRETARY

12/11/2001

NON CONSELLOR SECRETARY

05/08/2004

MUÑOZ COLAS VICENTE

CHIEF EXECUTIVE OFFICER

02/08/2007

NAVARRO TORCAL ALICIA

MEMBER OF THE BOARD

23/10/1997

MEMBER OF THE BOARD

23/07/2007

PRESIDENT

23/07/2007

PRESIDENT

05/08/2004

PRESIDENT

12/11/2001

MEMBER OF THE BOARD

12/11/2001

PRESIDENT

05/12/2008

MEMBER OF THE BOARD

25/03/2010

PARELLA LOPEZ JOSE MARIA

ASSISTANT DIRECTOR

15/02/2000

PUNTER BLANQUE RAFAEL

ADMINISTRATOR

27/11/1992

MEMBER OF THE BOARD

07/12/1992

CHIEF EXECUTIVE OFFICER

25/08/1993

SECRETARY

25/08/1993

PRESIDENT

09/11/1995

CHIEF EXECUTIVE OFFICER

23/10/1997

CHIEF EXECUTIVE OFFICER

15/03/1999

PRESIDENT

23/01/2001

MEMBER OF THE BOARD

27/07/2012

CHIEF EXECUTIVE OFFICER

31/08/2006

CHIEF EXECUTIVE OFFICER

23/07/2007

MEMBER OF THE BOARD

23/07/2007

MEMBER OF THE BOARD

12/11/2001

CHIEF EXECUTIVE OFFICER

05/08/2004

RAYMOND BARA SANTIAGO

NON CONSELLOR SECRETARY

27/07/2012

NON CONSELLOR SECRETARY

07/09/2006

NON CONSELLOR SECRETARY

23/07/2007

SISQUELLAS MONTERO ENRIQUE

MEMBER OF THE BOARD

12/11/2001

MEMBER OF THE BOARD

27/07/2012

PRESIDENT

27/07/2012

MEMBER OF THE BOARD

23/07/2007

MEMBER OF THE BOARD

23/10/1997

SISQUELLAS MONTERO FRANCISCO JAVIER

MEMBER OF THE BOARD

23/10/1997

MEMBER OF THE BOARD

23/07/2007

MEMBER OF THE BOARD

12/11/2001

MEMBER OF THE BOARD

27/07/2012

SISQUELLAS MONTERO JOSE

MEMBER OF THE BOARD

01/04/2011

CHIEF EXECUTIVE OFFICER

12/11/2001

MEMBER OF THE BOARD

23/07/2007

MEMBER OF THE BOARD

12/11/2001

PRESIDENT

15/03/1999

MEMBER OF THE BOARD

23/10/1997

Executive board

Post

NIF

Name

COMMERCIAL MANAGER

JUAN MIGUEL ESCOLA FERRER

MANAGING DIRECTOR

CESAR FELIX MILEO BELLFORT

MANAGING DIRECTOR

JOSE LLOB BALAGUER

MANAGING DIRECTOR

JOSE LLOP BALAGUER

MANAGING DIRECTOR

VICENTE MUÑOZ COLAS

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

---

10/12/2008

> Details

Positive Factors

Adverse Factors

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

It is one of the major domestic companies in terms of sales volume.

In fiscal year 2012 , total debts incurred with credit institutions and trade creditors has decreased with respect to the previous fiscal year. The greater the level of indebtedness, the greater the Company's reliance on capital suppliers and the more complicated its financial standing.

QUIMIDROGA 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.

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.

Productivity decrease. The Company's salaried staff productivity has decreased with respect to the previous fiscal year. This productivity decrease is reflected in a decrease in its generated income, a fact that might hinder the Company's financial situation.

During 2012 the company renewed its customer portfolio 4.21 times. This reflects an approximate average payment collection term of 90 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

Resources are managed less effectively, as turnover has decreased with an increased staff.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses: 2.6 %

> Latest Rating Changes :

Sector in which comparison is carried out :

469 Non-specialised wholesale trade

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 88.00% of the companies of the sector QUIMIDROGA SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.65%.

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

1 Incidence for a total cost of 0,00 E

Link List

ABSORBS TO:

2 Entities

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

9 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE QUIMIDROGA, S.A.

18.43

PARTICIPATES IN

QUIMIDROGA PORTUGAL PRODUCTOS QUIMICOS UNIPERSONAL LIMITADA

100

QUIMIDROGA FRANCE SARL

100

EURL QUIMIDROGA ALGERIE

100

QUIMIDROGA KYMIA ITHALAT, SOCIEDAD ANONIMA, (TURQUIA)

99.97

QUIMIDROGA MARROC SARL

100

QUIMIDROGA MARROC SARLAU (MARRUECOS)

100

QUIMIDROGA MAROC SARLAU (MARRUECOS)

100

QUMIDROGA ALGERIE

100

QUIMIDROGA KYMIA TURQUIA

99.97

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

EURL QUIMIDROGA ALGERIE

QUIMIDROGA KYMIA ITHALAT IHRACAT SANAYI VE TICARET, SOCIEDAD ANONIMA, SIRKETI

ABSORBS TO

INMOBILIARIA QUIMIDROGA SA

BARCELONA

QUIMIDROGA PLASTICOS SA

BARCELONA

Turnover

Total Sales 2013

555.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Consolidadas

July 2013

2012

Normales

July 2013

2011

Consolidadas

August 2012

2011

Normales

August 2012

2010

Consolidadas

August 2011

2010

Normales

August 2011

2009

Consolidadas

August 2010

2009

Normales

August 2010

2008

Consolidadas

July 2009

2008

Normales

July 2009

2007

Consolidadas

July 2008

2007

Normales

July 2008

2006

Consolidadas

October 2007

2006

Normales

October 2007

2005

Consolidadas

July 2006

2005

Normales

July 2006

2004

Consolidadas

July 2005

2004

Normales

July 2005

2003

Consolidadas

October 2004

2003

Normales

October 2004

2002

Consolidadas

July 2003

2002

Normales

July 2003

2001

Consolidadas

July 2002

2001

Normales

July 2002

2000

Consolidadas

December 2001

2000

Normales

December 2001

1999

Consolidadas

August 2000

1999

Normales

August 2000

1998

Consolidadas

August 1999

1998

Normales

August 1999

1997

Normales

August 1998

1996

Consolidadas

January 1998

1996

Normales

January 1998

1995

Consolidadas

July 1996

1995

Normales

September 1996

1994

Consolidadas

September 1995

1994

Normales

September 1995

1993

Consolidadas

August 1994

1993

Normales

August 1994

1992

Consolidadas

August 1993

1992

Normales

August 1993

1991

Consolidadas

August 1992

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

71.457.226,00

73.844.766,00

75.445.280,00

72.673.390,00

67.392.882,00

I. Intangible fixed assets : 11100

930.458,00

1.000.466,00

240.159,00

195.316,00

281.070,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

68.454,00

91.924,00

115.394,00

0,00

4. Goodwill: 11140

750.000,00

0,00

5. IT applications: 11150

112.004,00

158.542,00

124.765,00

195.316,00

281.070,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

0,00

II. Tangible fixed assets : 11200

62.287.593,00

64.937.867,00

68.038.755,00

65.112.796,00

59.647.061,00

1. Land and buildings: 11210

26.124.945,00

27.109.382,00

28.114.204,00

21.136.914,00

22.032.601,00

2. Technical installations and other tangible fixed assets: 11220

36.116.828,00

37.790.131,00

39.923.751,00

25.599.318,00

25.064.032,00

3. Tangible asset in progress and advances: 11230

45.820,00

38.354,00

800,00

18.376.564,00

12.550.428,00

III. Real estate investment: 11300

4.718.401,00

4.812.635,00

4.906.869,00

5.001.102,00

5.095.336,00

1. Land: 11310

1.034.204,00

2. Buildings: 11320

3.684.197,00

3.778.431,00

3.872.665,00

3.966.898,00

4.061.133,00

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

1.612.891,00

1.458.383,00

1.334.484,00

1.281.672,00

1.251.334,00

1. Equity instruments: 11410

1.612.891,00

1.458.383,00

1.334.484,00

1.281.672,00

1.251.334,00

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

207.332,00

219.884,00

225.118,00

339.227,00

410.799,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

133.614,00

141.047,00

143.281,00

97.148,00

166.577,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

73.718,00

78.837,00

81.837,00

242.079,00

244.222,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.700.551,00

1.415.531,00

699.895,00

743.277,00

707.282,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

187.332.036,00

188.357.263,00

212.063.340,00

167.494.688,00

189.539.843,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

55.990.947,00

58.369.561,00

56.664.539,00

36.661.859,00

47.754.912,00

1. Commercial: 12210

51.786.338,00

54.342.586,00

54.866.771,00

36.661.859,00

47.754.912,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

4.204.609,00

4.026.975,00

1.797.768,00

0,00

III. Trade debtors and others receivable accounts: 12300

130.248.992,00

129.080.310,00

155.128.946,00

130.524.247,00

141.590.022,00

1. Trade debtors / accounts receivable: 12310

126.828.532,00

125.667.282,00

147.988.150,00

126.300.704,00

137.624.438,00

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

0,00

b) Customers for sales and provisions of services : 12312

126.828.532,00

125.667.282,00

147.988.150,00

126.300.704,00

137.624.438,00

2. Customers, Group companies and associates : 12320

3.001.907,00

3.118.265,00

4.220.659,00

4.156.081,00

3.674.054,00

3. Other accounts receivable: 12330

121.356,00

129.541,00

651.525,00

40.397,00

263.054,00

4. Personnel: 12340

10.855,00

11.187,00

15.617,00

25.564,00

26.577,00

5. Assets for deferred tax: 12350

285.744,00

154.035,00

2.248.001,00

0,00

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

598,00

0,00

4.994,00

1.501,00

1.899,00

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

600.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

600.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

63.705,00

117.277,00

159.247,00

132.899,00

60.540,00

VII. Cash and other equivalent liquid assets : 12700

428.392,00

790.115,00

110.608,00

175.683,00

134.368,00

1. Treasury: 12710

428.392,00

790.115,00

110.608,00

175.683,00

134.368,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

258.789.262,00

262.202.029,00

287.508.620,00

240.168.078,00

256.932.724,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

62.144.143,00

60.590.510,00

69.996.232,00

74.249.970,00

73.971.447,00

A-1) Shareholders' equity: 21000

62.144.143,00

60.590.510,00

69.996.232,00

74.249.970,00

73.971.447,00

I. Capital: 21100

211.312,00

257.949,00

279.645,00

1. Registered capital : 21110

211.312,00

257.949,00

279.645,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

4.417.439,00

III. Reserves: 21300

64.461.760,00

62.667.481,00

70.606.796,00

69.125.057,00

49.250.414,00

1. Legal and statutory: 21310

42.262,00

51.590,00

55.930,00

2. Other reserves: 21320

64.419.498,00

62.625.219,00

70.555.206,00

69.073.467,00

49.194.484,00

IV. (Common stock equity): 21400

-10.000.000,00

-14.189.492,00

-2.939.492,00

-8.710.121,00

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

3.053.632,00

3.294.278,00

8.903.540,00

3.389.017,00

38.934.070,00

VIII. (Interim dividend): 21800

0,00

-10.200.000,00

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

B) NON-CURRENT LIABILITIES: 31000

18.652.666,00

23.315.119,00

12.312.992,00

6.624.928,00

12.629.878,00

I. Long-term provisions: 31100

1.380.782,00

1.430.967,00

2.716.946,00

2.690.109,00

2.611.270,00

1. Long-term employee benefits liability: 31110

1.380.782,00

1.430.967,00

1.493.469,00

1.466.632,00

1.387.793,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

1.223.477,00

II Long-term creditors: 31200

15.048.481,00

20.137.558,00

9.378.457,00

3.795.337,00

9.883.176,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

14.961.130,00

20.025.870,00

9.263.736,00

3.688.710,00

9.770.513,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

87.351,00

111.688,00

114.721,00

106.627,00

112.663,00

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

0,00

IV. Liabilities for deferred tax: 31400

2.223.403,00

1.746.594,00

217.589,00

139.482,00

135.432,00

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

177.992.453,00

178.296.400,00

205.199.396,00

159.293.180,00

170.331.399,00

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

102.416.449,00

104.843.919,00

124.203.257,00

95.049.730,00

104.182.191,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

102.416.449,00

104.843.919,00

124.203.257,00

95.049.730,00

103.843.767,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

338.424,00

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

0,00

V. Trade creditors and other accounts payable: 32500

75.576.004,00

73.452.481,00

80.996.139,00

64.243.450,00

66.149.208,00

1. Suppliers: 32510

67.692.380,00

65.848.652,00

71.868.500,00

56.233.959,00

49.450.681,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

67.692.380,00

65.848.652,00

71.868.500,00

56.233.959,00

49.450.681,00

2. Suppliers, Group companies and associates: 32520

136.791,00

105.218,00

62.221,00

104.108,00

89.275,00

3. Other creditors: 32530

1.856.821,00

1.668.133,00

2.019.371,00

1.137.151,00

246.581,00

4. Personnel (remuneration due): 32540

3.536.960,00

3.479.284,00

5.029.001,00

3.701.323,00

3.787.204,00

5. Liabilities for current tax: 32550

0,00

7.996,00

10.311.710,00

6. Otras deudas con las Administraciones Públicas. : 32560

2.353.052,00

2.351.194,00

2.017.046,00

3.058.913,00

2.263.757,00

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

258.789.262,00

262.202.029,00

287.508.620,00

240.168.078,00

256.932.724,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

545.807.130,00

552.659.947,00

504.559.555,00

418.588.976,00

512.932.313,00

a) Sales: 40110

545.807.130,00

552.659.947,00

504.559.555,00

418.588.976,00

512.932.313,00

b) Rendering of services: 40120

0,00

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

0,00

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

0,00

4. Supplies : 40400

-485.632.383,00

-490.612.754,00

-441.429.066,00

-364.241.120,00

-451.577.332,00

a) Stock consumption: 40410

-485.454.267,00

-490.388.922,00

-441.159.772,00

-364.039.055,00

-451.577.332,00

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

0,00

c) Works carried out by other companies: 40430

-178.116,00

-223.832,00

-269.294,00

-202.065,00

0,00

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

0,00

5. Other operating income: 40500

2.902.194,00

2.312.088,00

2.106.896,00

2.117.711,00

2.564.560,00

a) Auxiliary income and other from current management: 40510

2.902.194,00

2.312.088,00

2.106.896,00

2.117.711,00

2.564.560,00

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

0,00

6. Personnel costs: 40600

-25.341.251,00

-25.654.640,00

-25.898.611,00

-24.632.561,00

-25.823.525,00

a) Wages, salaries et al.: 40610

-21.634.152,00

-22.059.708,00

-22.473.814,00

-21.262.428,00

-22.389.113,00

b) Social security costs: 40620

-3.707.099,00

-3.594.932,00

-3.424.797,00

-3.370.133,00

-3.434.413,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-24.775.574,00

-25.341.995,00

-24.092.064,00

-22.033.455,00

-25.999.338,00

a) External services: 40710

-23.968.860,00

-24.327.130,00

-23.291.473,00

-20.610.913,00

-23.476.356,00

b) Taxes: 40720

-259.891,00

-351.990,00

-241.296,00

-301.529,00

-1.612.164,00

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

-378.820,00

-597.954,00

-461.071,00

-974.713,00

-860.613,00

d) Other current management expenditure : 40740

-168.003,00

-64.921,00

-98.224,00

-146.300,00

-50.204,00

8. Amortisation of fixed assets: 40800

-3.850.492,00

-3.865.560,00

-3.137.256,00

-2.923.641,00

-2.889.890,00

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

11.912,00

-741,00

3.511,00

22.528,00

47.764.480,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

11.912,00

-741,00

3.511,00

22.528,00

47.764.480,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

27.923,00

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

9.121.536,00

9.496.345,00

12.112.965,00

6.898.438,00

56.999.191,00

14. Financial income : 41400

1.352.605,00

1.342.051,00

629.543,00

794.117,00

916.338,00

a) Of shares in equity instruments : 41410

1.218.882,00

1.253.599,00

587.051,00

710.425,00

720.647,00

a 1) In Group companies and associates: 41411

1.218.882,00

1.253.599,00

587.051,00

710.425,00

720.647,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

133.723,00

88.452,00

42.492,00

83.692,00

195.691,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

133.723,00

88.452,00

42.492,00

83.692,00

195.691,00

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

0,00

15. Financial expenditure: 41500

-6.578.748,00

-6.818.550,00

-3.727.486,00

-3.313.496,00

-7.366.041,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-6.508.748,00

-6.753.552,00

-3.667.962,00

-3.255.356,00

-7.311.311,00

c) Stock renewal : 41530

-70.000,00

-64.998,00

-59.524,00

-58.140,00

-54.730,00

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

-57.577,00

-36.098,00

-35.460,00

-28.425,00

29.355,00

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

0,00

123.899,00

52.812,00

30.338,00

23.611,00

a) Impairment and losses : 41810

0,00

123.899,00

52.812,00

30.338,00

23.611,00

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

-5.283.720,00

-5.388.698,00

-3.080.591,00

-2.517.466,00

-6.396.738,00

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

3.837.816,00

4.107.647,00

9.032.374,00

4.380.972,00

50.602.453,00

20. Income taxes: 41900

-784.184,00

-813.369,00

-128.834,00

-991.955,00

-11.668.383,00

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

3.053.632,00

3.294.278,00

8.903.540,00

3.389.017,00

38.934.070,00

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

0,00

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

3.053.632,00

3.294.278,00

8.903.540,00

3.389.017,00

38.934.070,00

> 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:

79.756.675,00

82.429.235,00

88.934.877,00

74.869.605,00

75.395.721,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

930.458,00

1.000.466,00

240.159,00

195.316,00

281.070,00

1. Research and development costs:

0,00

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

68.454,00

91.924,00

115.394,00

0,00

3. Goodwill:

750.000,00

0,00

4. Key money paid for premises:

0,00

5. Software:

112.004,00

158.542,00

124.765,00

195.316,00

281.070,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

67.005.994,00

69.750.502,00

72.945.624,00

70.113.898,00

64.742.397,00

1. Land and construction:

30.843.346,00

31.922.017,00

33.021.073,00

26.138.016,00

27.127.937,00

2. Technical installations and machinery:

23.948.775,00

25.058.329,00

26.473.115,00

16.974.700,00

16.619.756,00

3. Other installations, tools and furniture:

5.923.976,00

6.198.436,00

6.548.397,00

4.198.867,00

4.111.068,00

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

45.820,00

38.354,00

800,00

18.376.564,00

12.550.428,00

5. Other tangible assets:

6.244.076,00

6.533.366,00

6.902.238,00

4.425.751,00

4.333.208,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.820.223,00

1.678.267,00

1.559.602,00

1.620.899,00

1.662.133,00

1. Equity investments in group companies:

1.612.891,00

1.458.383,00

1.334.484,00

1.281.672,00

1.251.334,00

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:

0,00

6. Other receivables:

133.614,00

141.047,00

143.281,00

97.148,00

166.577,00

7. Long term guarantees and deposits:

73.718,00

78.837,00

81.837,00

242.079,00

244.222,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

10.000.000,00

14.189.492,00

2.939.492,00

8.710.121,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

189.032.587,00

189.772.794,00

212.763.235,00

168.237.965,00

190.247.125,00

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

0,00

II. Stocks:

55.990.947,00

58.369.561,00

56.664.539,00

36.661.859,00

47.754.912,00

1. Goods for resale:

51.786.338,00

54.342.586,00

54.866.771,00

36.661.859,00

47.754.912,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

4.204.609,00

4.026.975,00

1.797.768,00

0,00

7. Provisions:

0,00

III. Debtors:

131.949.543,00

130.495.841,00

155.828.841,00

131.267.524,00

142.297.304,00

1. Trade debtors / accounts receivable:

126.828.532,00

125.667.282,00

147.988.150,00

126.300.704,00

137.624.438,00

2. Accounts receivable, Group companies:

3.001.907,00

3.118.265,00

4.220.659,00

4.156.081,00

3.674.054,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

121.356,00

129.541,00

651.525,00

40.397,00

263.054,00

5. Staff:

10.855,00

11.187,00

15.617,00

25.564,00

26.577,00

6. Public bodies:

1.986.893,00

1.569.566,00

2.952.890,00

744.778,00

709.181,00

7. Provisions:

0,00

IV. Short-term investments:

600.000,00

0,00

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

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

600.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

428.392,00

790.115,00

110.608,00

175.683,00

134.368,00

VII. Prepayments and accrued income:

63.705,00

117.277,00

159.247,00

132.899,00

60.540,00

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

268.789.262,00

272.202.029,00

301.698.112,00

243.107.570,00

265.642.845,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

72.144.143,00

70.590.510,00

84.185.724,00

77.189.462,00

82.681.568,00

I. Subscribed capital:

211.312,00

257.949,00

279.645,00

II. Share premium:

4.417.439,00

III. Revaluation reserves:

2.741.809,00

2.665.441,00

3.002.956,00

2.939.890,00

2.093.805,00

IV. Reserves:

61.719.951,00

60.002.040,00

67.603.840,00

66.185.167,00

47.156.609,00

1. Legal reserve:

42.262,00

51.590,00

55.930,00

2. Reserves for own shares:

11.852.647,00

11.522.515,00

12.981.566,00

12.708.938,00

9.051.372,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

49.825.035,00

48.437.256,00

54.570.676,00

53.424.631,00

38.049.301,00

Differences due to capital adjustement to euros:

8,00

7,00

8,00

6,00

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:

3.053.632,00

3.294.278,00

8.903.540,00

3.389.017,00

38.934.070,00

VII. Interim dividend paid:

0,00

-10.200.000,00

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:

1.380.782,00

1.430.967,00

2.716.946,00

2.690.109,00

2.611.270,00

1. Provisions for pension fund and other similar obligations:

1.380.782,00

1.430.967,00

1.493.469,00

1.466.632,00

1.387.793,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

1.223.477,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

17.271.884,00

21.884.152,00

9.596.046,00

3.934.819,00

10.018.608,00

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:

14.961.130,00

20.025.870,00

9.263.736,00

3.688.710,00

9.770.513,00

1. Loans and other liabilities:

14.961.130,00

20.025.870,00

9.263.736,00

3.688.710,00

9.770.513,00

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:

2.310.754,00

1.858.282,00

332.310,00

246.109,00

248.095,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

87.351,00

111.688,00

114.721,00

106.627,00

112.663,00

4. Long term payables to public bodies:

2.223.403,00

1.746.594,00

217.589,00

139.482,00

135.432,00

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:

177.992.453,00

178.296.400,00

205.199.396,00

159.293.180,00

170.331.399,00

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:

102.416.449,00

104.843.919,00

124.203.257,00

95.049.730,00

103.843.767,00

1. Loans and other liabilities:

102.416.449,00

104.843.919,00

124.203.257,00

95.049.730,00

103.843.767,00

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:

136.791,00

105.218,00

62.221,00

104.108,00

89.275,00

1. Amounts owed to group companies:

136.791,00

105.218,00

62.221,00

104.108,00

89.275,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

69.549.201,00

67.516.785,00

73.887.871,00

57.371.110,00

49.697.262,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

69.549.201,00

67.516.785,00

73.887.871,00

57.371.110,00

49.697.262,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

5.890.012,00

5.830.478,00

7.046.047,00

6.768.232,00

16.701.094,00

1. Public bodies:

2.353.052,00

2.351.194,00

2.017.046,00

3.066.909,00

12.575.467,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

3.536.960,00

3.479.284,00

5.029.001,00

3.701.323,00

3.787.204,00

5. Guarantees and deposits received at short term:

0,00

338.424,00

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):

268.789.262,00

272.202.029,00

301.698.112,00

243.107.570,00

265.642.845,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

547.020.209,00

553.019.808,00

498.395.965,00

418.134.315,00

525.300.899,00

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

0,00

A.2. Supplies:

485.632.383,00

490.612.754,00

441.429.066,00

364.241.120,00

451.577.332,00

a) Stock consumption:

485.454.267,00

490.388.922,00

441.159.772,00

364.039.055,00

451.577.332,00

b) Consumption of raw materials and miscellaneous consumable ones:

0,00

c) Miscellaneous external expenditure:

178.116,00

223.832,00

269.294,00

202.065,00

0,00

A.3. Staff costs:

25.341.251,00

25.654.640,00

25.898.611,00

24.632.561,00

25.823.525,00

a) Wages, salaries et al.:

21.634.152,00

22.059.708,00

22.473.814,00

21.262.428,00

22.389.113,00

b) Social security costs:

3.707.099,00

3.594.932,00

3.424.797,00

3.370.133,00

3.434.413,00

A.4. Depreciation expense:

3.850.492,00

3.865.560,00

3.137.256,00

2.923.641,00

2.889.890,00

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

378.820,00

597.954,00

461.071,00

974.713,00

860.613,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

378.820,00

597.954,00

461.071,00

974.713,00

860.613,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

24.396.754,00

24.744.041,00

23.630.993,00

21.058.742,00

25.138.725,00

a) External services:

23.968.860,00

24.327.130,00

23.291.473,00

20.610.913,00

23.476.356,00

b) Taxes:

259.891,00

351.990,00

241.296,00

301.529,00

1.612.164,00

c) Other operating expenses:

168.003,00

64.921,00

98.224,00

146.300,00

50.204,00

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):

9.109.624,00

9.497.086,00

12.109.454,00

6.875.910,00

9.206.788,00

A.7. Financial and similar charges:

6.578.748,00

6.818.550,00

3.727.486,00

3.313.496,00

7.366.041,00

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.:

6.578.748,00

6.818.550,00

3.727.486,00

3.313.496,00

7.366.041,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

-123.899,00

-52.812,00

-30.338,00

-23.611,00

A.9. Exchange losses:

57.577,00

36.098,00

35.460,00

28.425,00

0,00

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):

3.825.904,00

4.108.388,00

9.028.863,00

4.358.444,00

2.810.050,00

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

741,00

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):

11.912,00

0,00

3.511,00

22.528,00

47.792.403,00

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

3.837.816,00

4.107.647,00

9.032.374,00

4.380.972,00

50.602.453,00

A.15. Corporation tax:

784.184,00

813.369,00

128.834,00

991.955,00

11.668.383,00

A.16. Miscellaneous taxes:

0,00

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

3.053.632,00

3.294.278,00

8.903.540,00

3.389.017,00

38.934.070,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

550.073.841,00

556.314.086,00

507.299.505,00

421.523.332,00

564.234.970,00

B.1. Net total sales:

545.807.130,00

552.659.947,00

504.559.555,00

418.588.976,00

512.932.313,00

a) Sales:

546.674.445,00

553.538.152,00

505.361.326,00

419.254.135,00

513.747.389,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-867.315,00

-878.205,00

-801.771,00

-665.159,00

-815.075,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

2.902.194,00

2.312.088,00

2.106.896,00

2.117.711,00

2.564.560,00

a) Auxiliary income and other from current management:

2.902.194,00

2.312.088,00

2.106.896,00

2.117.711,00

2.564.560,00

b) Grants:

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:

1.218.882,00

1.253.599,00

587.051,00

710.425,00

720.647,00

a) In companies of the group:

1.218.882,00

1.253.599,00

587.051,00

710.425,00

720.647,00

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:

133.723,00

88.452,00

42.492,00

83.692,00

195.691,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

133.723,00

88.452,00

42.492,00

83.692,00

195.691,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

29.355,00

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

5.283.720,00

5.388.698,00

3.080.591,00

2.517.466,00

6.396.738,00

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:

11.912,00

0,00

3.511,00

22.528,00

47.764.480,00

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

27.923,00

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

0,00

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

0,00

741,00

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

3.837.816,00

4.107.647,00

9.032.374,00

4.380.972,00

50.602.454,00

2. Results adjustments.: 61200

9.450.936,00

9.790.450,00

6.702.244,00

6.393.292,00

-37.120.096,00

a) Fixed Assets Amortization (+).: 61201

3.850.492,00

3.865.560,00

3.137.256,00

2.923.641,00

2.889.890,00

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

378.820,00

597.953,00

461.071,00

974.713,00

0,00

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

-50.184,00

-186.402,00

-25.975,00

-30.338,00

1.334.145,00

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

-11.912,00

740,00

-3.511,00

-22.528,00

-47.764.480,00

g) Financial income (-).: 61207

-1.352.605,00

-1.342.050,00

-629.543,00

-794.117,00

-916.338,00

h) Financial Expenses (+). : 61208

6.578.748,00

6.818.550,00

3.727.486,00

3.313.496,00

7.366.042,00

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

57.577,00

36.099,00

35.460,00

28.425,00

-29.355,00

3. Changes in current capital equity.: 61300

3.082.339,00

14.113.910,00

-26.121.572,00

28.754.698,00

-4.394.091,00

a) Stock (+/-).: 61301

2.378.614,00

524.185,00

-18.204.912,00

11.093.053,00

4.836.464,00

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

-1.415.793,00

23.320.620,00

-22.824.223,00

9.882.673,00

21.536.252,00

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

53.572,00

41.970,00

-19.894,00

-72.359,00

163.271,00

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

2.065.946,00

-9.772.865,00

14.677.106,00

7.861.577,00

-30.930.078,00

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

0,00

250.351,00

0,00

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

0,00

-10.246,00

0,00

4. Other cash flows for operating activities.: 61400

-5.950.247,00

-4.606.010,00

-5.468.563,00

-13.053.022,00

-8.845.547,00

a) Interest payments (-). : 61401

-6.578.748,00

-6.818.550,00

-3.727.486,00

-3.313.496,00

-7.366.042,00

b) Dividend payment collection (+). : 61402

1.218.882,00

1.253.599,00

587.051,00

710.425,00

720.647,00

c) Interest collection (+). : 61403

133.723,00

88.451,00

42.492,00

83.692,00

195.691,00

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

-724.104,00

2.093.967,00

-2.263.342,00

-11.329.197,00

-1.823.993,00

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

0,00

-1.223.477,00

-107.278,00

795.554,00

-571.850,00

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

10.420.844,00

23.405.997,00

-15.855.517,00

26.475.940,00

242.720,00

6. Payments for investment (-).: 62100

-1.909.250,00

-1.431.487,00

-6.060.575,00

-8.330.829,00

-9.015.178,00

a) Companies of the group and affiliates. : 62101

-154.508,00

0,00

b) Intangible fixed assets. : 62102

-15.135,00

-844.232,00

-120.114,00

0,00

-198.218,00

c) Fixed assets. : 62103

-1.021.266,00

-587.255,00

-5.894.328,00

-8.209.660,00

-8.763.468,00

e) Other financial assets. : 62105

-718.341,00

0,00

-46.133,00

-121.169,00

-53.492,00

7. Divestment payment collection (+). : 62200

143.230,00

5.234,00

164.370,00

215.544,00

51.804.386,00

c) Fixed assets. : 62203

12.337,00

0,00

4.128,00

22.803,00

51.804.386,00

e) Other financial assets. : 62205

130.893,00

5.234,00

160.242,00

192.741,00

0,00

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

-1.766.020,00

-1.426.253,00

-5.896.205,00

-8.115.285,00

42.789.208,00

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

0,00

-10.000.000,00

-11.250.000,00

-1.305.075,00

0,00

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

0,00

-10.000.000,00

-11.250.000,00

-1.305.075,00

0,00

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

-7.516.547,00

-8.600.237,00

34.736.647,00

-15.214.264,00

-29.399.198,00

a) Issuance : 63201

117.464.930,00

115.603.020,00

129.786.377,00

0,00

3.568,00

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

117.464.930,00

115.603.020,00

129.778.283,00

0,00

5. Other debts (+). : 63206

0,00

8.094,00

0,00

3.568,00

b) Repayment and amortization of : 63207

-124.981.477,00

-124.203.257,00

-95.049.730,00

-15.214.264,00

-29.402.766,00

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

-124.981.477,00

-124.203.257,00

-95.049.730,00

-14.875.840,00

-29.402.766,00

5. Other debts (-). : 63212

0,00

-338.424,00

0,00

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

-1.500.000,00

-2.700.000,00

-1.800.000,00

-13.800.000,00

a) Dividends (-).: 63301

-1.500.000,00

-2.700.000,00

-1.800.000,00

-13.800.000,00

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

-9.016.547,00

-21.300.237,00

21.686.647,00

-18.319.339,00

-43.199.198,00

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

-361.723,00

679.507,00

-65.075,00

41.316,00

-167.270,00

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

790.115,00

110.608,00

175.683,00

134.367,00

301.637,00

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

428.392,00

790.115,00

110.608,00

175.683,00

134.367,00

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:

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

2,37 %

9,62 %

2,42 %

10,06 %

-1,79 %

-4,33 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,56 %

5,81 %

3,65 %

6,97 %

-2,39 %

-16,62 %

Total economic profitability:

4,03 %

2,91 %

4,17 %

4,19 %

-3,41 %

-30,65 %

Financial profitability:

4,91 %

2,25 %

5,44 %

5,88 %

-9,62 %

-61,73 %

Margin:

1,66 %

5,25 %

1,71 %

6,36 %

-2,85 %

-17,37 %

Mark-up:

0,70 %

2,17 %

0,74 %

4,74 %

-5,50 %

-54,15 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,13

0,00

0,11

20,20

Acid Test:

0,74

0,87

0,73

0,83

1,26

5,51

Working Capital / Investment:

0,04

0,03

0,04

0,03

-5,94

34,96

Solvency:

1,06

1,22

1,06

1,16

-0,22

4,77

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,07

1,52

3,23

1,62

-4,76

-6,08

Borrowing Composition:

0,10

1,12

0,12

1,03

-20,94

9,28

Repayment Ability:

-539,82

107,39

294,60

583,02

-283,24

-81,58

Warranty:

1,33

1,67

1,31

1,63

1,18

2,53

Generated resources / Total creditors:

0,04

0,08

0,04

0,07

0,60

4,19

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,51

1,76

1,52

1,75

-0,62

0,48

Turnover of Collection Rights :

4,21

4,91

4,30

4,49

-2,02

9,36

Turnover of Payment Entitlements:

6,75

3,55

7,02

3,27

-3,85

8,43

Stock rotation:

9,64

7,05

9,35

6,09

3,13

15,73

Assets turnover:

2,14

1,11

2,13

1,10

0,47

0,90

Borrowing Cost:

3,37

3,08

3,41

2,93

-1,09

5,27

> 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:

0,00 %

-0,01 %

0,01 %

-0,03 %

EBITDA over Sales:

2,37 %

2,42 %

3,02 %

2,34 %

2,36 %

Cash Flow Yield:

0,00 %

-0,02 %

0,02 %

-0,07 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

3,56 %

3,65 %

4,24 %

2,89 %

22,32 %

Total economic profitability:

4,03 %

4,17 %

4,44 %

3,20 %

22,56 %

Financial profitability:

4,91 %

5,44 %

12,72 %

4,56 %

52,63 %

Margin:

1,66 %

1,71 %

2,39 %

1,64 %

11,05 %

Mark-up:

0,70 %

0,74 %

1,78 %

-0,60 %

-1,25 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,00

Acid Test:

0,74

0,73

0,76

0,82

0,83

Working Capital / Investment:

0,04

0,02

0,04

0,08

Solvency:

1,06

1,04

1,06

1,12

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

3,07

3,23

2,95

2,12

2,35

Borrowing Composition:

0,10

0,12

0,05

0,02

0,06

Repayment Ability:

-539,82

294,60

13,65

-3,90

-40,51

Warranty:

1,33

1,31

1,34

1,47

1,42

Generated resources / Total creditors:

0,04

0,06

0,04

0,23

Efficiency

2012

2011

2010

2009

2008

Productivity:

1,51

1,52

1,59

1,40

1,47

Turnover of Collection Rights :

4,21

4,30

3,27

3,22

3,64

Turnover of Payment Entitlements:

6,75

7,02

5,75

6,01

7,22

Stock rotation:

9,64

9,35

8,73

11,29

10,60

Assets turnover:

2,14

2,13

1,77

1,76

2,02

Borrowing Cost:

3,37

3,41

1,74

2,03

4,08

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

It is a company incorporated some years ago, with extensive experience in the sector, which has a good commercial reputation among the sources of information. It complies with its payment obligations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.20
UK Pound	1	Rs.103.12
Euro	1	Rs.84.96

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

Executive board

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

Unit