MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	NUBIOLA PIGMENTOS SL

Registered Office :	Gran Via De Les Corts Catalanes, 648, Barcelona 08010

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	1997

Legal Form :	Private company

Line of Business :	Manufacture and sale of organic and inorganic pigments as well as household items.

No. of Employees :	98

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 :	Good
Payment Behaviour :	Regular
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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013

Source : CIA

EXECUTIVE SUMMARY

Name:

NUBIOLA PIGMENTOS SL

NIF / Fiscal code:

B01254689

Status:

ACTIVE

Incorporation Date:

27/11/1997

Register Data

Last Publication in BORME:

15/10/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

3.005.060,52

Localization:

GRAN VIA DE LES CORTS CATALANES, 648 - BARCELONA - 08010 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 915 944 994 Email. nubiolaeurope@nubiola.com

Website. www.nubiola.com

Number of Branches

Activity:

NACE:

2012 - Manufacture of dyes and pigments

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

7 for a total cost of 547194

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

CORPORACION QUIMICA VHEM SA

100 %

Identification

Social Denomination:

NUBIOLA PIGMENTOS SL

NIF / Fiscal code:

B01254689

Corporate Status:

ACTIVE

Start of activity:

1997

Registered Office:

GRAN VIA DE LES CORTS CATALANES, 648

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08010

Telephone:

915 944 994

Fax:

933 435 771

Website:

www.nubiola.com

Email:

nubiolaeurope@nubiola.com

Interviewed Person:

Administración, escasos datos.

Branch Offices

Address

Postal Code

City

Province

CALLE VITORIA GASTEIZ 19 APARTADO DE CORREOS 13

01400

LLODIO

ALAVA

Activity

NACE:

2012

Additional Information:

Manufacture and sale of organic and inorganic pigments as well as household items.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1997

Appointments/ Re-elections (5) Company Formation (1)

1998

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Increase of Capital (1) Other Concepts/ Events (1)

2000

Accounts deposit (ejer. 1998, 1999) Appointments/ Re-elections (1)

2001

Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2002

Accounts deposit (ejer. 2000)

2004

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

2005

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

2006

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

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (2)

2010

Cessations/ Resignations/ Reversals (1)

2011

Accounts deposit (ejer. 2009) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2012

Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Change of Social Purpose (1)

2013

Accounts deposit (ejer. 2011, 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (1) Declaration of Sole Propietorship (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

FABRICACION Y VENTA DE AZUL ULTRAMAR, PIGMENTOS ORGANICOS E INORGANICOS Y ARTICULOS PARA EL HOGAR.

Company Formation

17/12/1997

Breakdown of Owners' Equity

Registered Capital:

3.005.060,52

Paid up capital:

3.005.060,52

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

27/11/1997

Company Formation

3.005

10/02/1998

Increase of Capital

3.002.055

3.005.061

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

CORPORACION QUIMICA VHEM SL

13/02/2014

PRESIDENT

NUBIOLA BELLIDO ANDRES

02/06/2012

MEMBER OF THE BOARD

NUBIOLA BELLIDO RICARDO

02/06/2012

NUBIOLA BELLIDO ANDRES

02/06/2012

NUBIOLA BELLIDO MERCEDES

08/03/2011

COMBINED PROXY

NUBIOLA BELLIDO RICARDO

23/12/1997

NUBIOLA BELLIDO ANDRES

23/12/1997

NUBIOLA BELLIDO JOSE ORIOL

23/12/1997

RUIZ CASTRESANA FELIX

23/12/1997

PUERTOLAS CAPELLA JOSE

23/12/1997

SOLE PEREZ JOSE MARIA

23/12/1997

MENDIVIL VALLE IGNACIO

23/12/1997

ENCINILLAS GOMEZ MIGUEL ANGEL

23/12/1997

GARCIA SEIJAS SANTIAGO

23/12/1997

PROXY

TEIXIDO BADAL JOSE

31/10/2001

NUBIOLA BELLIDO ANDRES

23/12/1997

NUBIOLA BELLIDO RICARDO

23/12/1997

SECRETARY

NUBIOLA BELLIDO MERCEDES

08/03/2011

ACCOUNTS' AUDITOR / HOLDER

GRANT THORNTON SLP

03/10/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANZIZU FUREST JOSE MARIA

MEMBER OF THE BOARD

20/05/1998

AUDIHISPANA GRANT THORNTON SL

ACCOUNTS' AUDITOR / HOLDER

24/11/2009

ACCOUNTS' AUDITOR / HOLDER

08/03/2011

AUDIHISPANA GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

30/11/2011

AUDIHISPANA SA

ACCOUNTS' AUDITOR / HOLDER

03/02/2004

ACCOUNTS' AUDITOR / HOLDER

01/08/2005

ACCOUNTS' AUDITOR / HOLDER

09/06/2006

ACCOUNTS' AUDITOR / HOLDER

02/05/2007

ACCOUNTS' AUDITOR / HOLDER

11/12/2007

ACCOUNTS' AUDITOR / HOLDER

24/11/2009

BARTRINA MARGARIT LUIS

MEMBER OF THE BOARD

11/09/2001

ENCINILLAS GOMEZ MIGUEL ANGEL

PROXY

23/12/1997

GARCIA SEIJAS SANTIAGO

PROXY

23/12/1997

GRANT THORNTON SLP

ACCOUNTS' AUDITOR / HOLDER

22/11/2012

ACCOUNTS' AUDITOR / HOLDER

02/12/2013

ACCOUNTS' AUDITOR / HOLDER

03/10/2014

MENDIVIL VALLE IGNACIO

PROXY

23/12/1997

NUBIOLA BELLIDO ANDRES

MEMBER OF THE BOARD

11/09/2001

MEMBER OF THE BOARD

02/05/2007

PRESIDENT

11/09/2001

PRESIDENT

02/05/2007

NUBIOLA BELLIDO RAIMUNDO

MEMBER OF THE BOARD

02/05/2007

MEMBER OF THE BOARD

08/03/2011

SECRETARY

02/05/2007

SECRETARY

08/03/2011

NUBIOLA BELLIDO RICARDO

MEMBER OF THE BOARD

11/09/2001

MEMBER OF THE BOARD

02/05/2007

PUERTOLAS CAPELLA JOSE

MEMBER OF THE BOARD

11/09/2001

PROXY

23/12/1997

COMBINED PROXY

23/12/1997

RODES MONEGAL ESTEBAN

MEMBER OF THE BOARD

27/11/1997

MEMBER OF THE BOARD

11/09/2001

SECRETARY

11/09/2001

RUIZ CASTRESANA FELIX

PROXY

23/12/1997

SANCHEZ FOLCH JOSE MARIA

PROXY

23/12/1997

PROXY

25/03/2010

COMBINED PROXY

23/12/1997

SOLE PEREZ JOSE MARIA

PROXY

23/12/1997

TEIXIDO BADAL JOSE

PROXY

31/10/2001

Executive board

Post

NIF

Name

CHAIRMAN

ANDRES NUVIOLA BELLIDO

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

Positive Factors

Adverse Factors

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

No irregular payment performance has been detected based on information obtained from credit bureaus.

The current debt represents a 24.32of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

NUBIOLA PIGMENTOS SL obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

TREND OF SCORING

> Latest Scoring Changes :

Scoring

Evolution

Date

Event

Neutral

20/10/14

Updating of financial statements.

Positive

28/08/14

Scoring revision by one of Axesor's expert analysts.

Neutral

26/03/14

Modifications to the corporate group or to its relations with third party companies.

Neutral

06/03/14

Scoring revision by one of Axesor's expert analysts.

The information contained in the latest annual statements has led to a Scoring review for the company

Probability of default

> Estimated Probability of Default for the next 12 months: 0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

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 97.00% of the companies of the sector NUBIOLA PIGMENTOS SL belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.386%.

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.

Recommended commercial credit

Favourable until 2.540.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Guarantees

Link List

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CORPORACION QUIMICA VHEM SA

ALAVA

100

PARTICIPATES IN

COLORES HISPANIA SA

BARCELONA

100

ARLAND FUNDADA 2012, S.L.

100

Turnover

Total Sales 2013

41.441.826

Financial Accounts and Balance Sheets

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

21.254.357,00

20.249.988,00

20.806.298,00

16.938.452,00

16.781.920,00

I. Intangible fixed assets : 11100

10.576,00

8.352,00

1.791,00

8.815,00

93.245,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

10.576,00

8.352,00

1.791,00

8.815,00

93.245,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

11.089.725,00

9.712.178,00

9.914.231,00

10.230.757,00

10.598.045,00

1. Land and buildings: 11210

7.224.397,00

7.585.368,00

7.922.341,00

8.236.560,00

8.596.060,00

2. Technical installations and other tangible fixed assets: 11220

3.351.955,00

1.647.164,00

1.749.964,00

1.419.284,00

1.964.979,00

3. Tangible asset in progress and advances: 11230

513.373,00

479.646,00

241.926,00

574.913,00

37.006,00

III. Real estate investment: 11300

4.736.311,00

0,00

1. Land: 11310

4.736.311,00

0,00

2. Buildings: 11320

0,00

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

4.573.186,00

4.773.186,00

4.770.180,00

2.721.459,00

1. Equity instruments: 11410

4.573.186,00

4.570.180,00

1.570.180,00

2. Credits to businesses: 11420

0,00

200.000,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

951.279,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

25.262,00

25.576,00

7.776,00

190.903,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

7.776,00

183.556,00

5. Other financial assets : 11550

25.262,00

25.576,00

0,00

7.347,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

819.297,00

994.699,00

1.358.209,00

1.920.924,00

3.178.268,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

26.697.083,00

26.769.418,00

25.592.497,00

24.024.822,00

22.659.608,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

6.975.910,00

6.704.049,00

11.279.121,00

10.649.016,00

8.070.052,00

1. Commercial: 12210

1.877.211,00

2.444.408,00

4.028.759,00

3.310.797,00

2.363.992,00

2. Primary material and other supplies: 12220

1.054.432,00

950.643,00

1.942.951,00

2.285.672,00

1.358.759,00

3. Work in progress: 12230

0,00

186.282,00

243.290,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

186.282,00

0,00

4. Finished goods: 12240

4.044.267,00

3.308.998,00

5.305.270,00

4.866.265,00

4.103.591,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

3.308.998,00

5.305.270,00

4.866.265,00

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

2.141,00

0,00

420,00

III. Trade debtors and others receivable accounts: 12300

9.498.603,00

7.756.983,00

11.289.977,00

9.067.335,00

8.204.350,00

1. Trade debtors / accounts receivable: 12310

5.771.670,00

5.263.961,00

6.062.846,00

6.742.171,00

6.452.038,00

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

0,00

b) Customers for sales and provisions of services : 12312

0,00

5.263.961,00

6.062.846,00

6.742.171,00

0,00

2. Customers, Group companies and associates : 12320

1.140.308,00

1.044.069,00

2.623.441,00

1.424.823,00

1.227.335,00

3. Other accounts receivable: 12330

62.285,00

37.054,00

36.720,00

40.054,00

1.002,00

4. Personnel: 12340

4.295,00

3.355,00

1.202,00

1.100,00

4.200,00

5. Assets for deferred tax: 12350

0,00

65.625,00

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

2.520.045,00

1.408.544,00

2.565.768,00

859.187,00

454.150,00

7. Called up share capital: 12370

0,00

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

229.132,00

1.686.355,00

844.310,00

1.238.927,00

4.315.328,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

229.132,00

1.686.355,00

844.310,00

1.238.927,00

4.315.328,00

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

0,00

2.500.000,00

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

0,00

2.500.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

23.366,00

15.019,00

11.000,00

18.893,00

0,00

VII. Cash and other equivalent liquid assets : 12700

9.970.072,00

8.107.012,00

2.168.089,00

3.050.651,00

2.069.878,00

1. Treasury: 12710

9.970.072,00

8.107.012,00

2.168.089,00

3.050.651,00

2.069.878,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

47.951.440,00

47.019.406,00

46.398.795,00

40.963.274,00

39.441.528,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

36.230.754,00

32.844.387,00

30.064.295,00

27.562.431,00

23.067.154,00

A-1) Shareholders' equity: 21000

36.014.060,00

32.844.387,00

30.116.550,00

27.682.612,00

23.262.196,00

I. Capital: 21100

3.005.061,00

1. Registered capital : 21110

3.005.061,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

5.297.609,00

III. Reserves: 21300

24.556.728,00

21.827.732,00

18.239.438,00

14.966.389,00

14.665.837,00

1. Legal y estatutarias: 21310

601.012,00

2. Other reserves: 21320

23.955.716,00

21.226.720,00

17.638.426,00

14.365.377,00

14.064.825,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

3.154.662,00

2.713.985,00

3.574.442,00

4.413.553,00

293.689,00

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

-52.255,00

-120.181,00

-196.702,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

-52.255,00

-120.181,00

-196.702,00

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

216.694,00

0,00

1.660,00

B) NON-CURRENT LIABILITIES: 31000

60.565,00

1.512.106,00

7.285.438,00

3.866.427,00

6.725.675,00

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

47.562,00

1.497.751,00

7.273.766,00

3.852.050,00

6.708.593,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

47.562,00

1.047.703,00

7.273.766,00

3.676.347,00

5.287.304,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

175.703,00

1.421.289,00

5. Other financial liabilities : 31250

0,00

450.048,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

13.003,00

14.355,00

11.672,00

14.377,00

17.082,00

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

11.660.121,00

12.662.913,00

9.049.062,00

9.534.416,00

9.648.699,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

997.563,00

7.886.825,00

2.979.935,00

2.517.818,00

2.837.768,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

997.563,00

7.886.825,00

2.903.539,00

2.517.818,00

2.837.768,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

76.396,00

0,00

5. Other financial liabilities : 32350

0,00

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

3.575.096,00

0,00

1.384.830,00

V. Trade creditors and other accounts payable: 32500

7.087.462,00

4.776.088,00

6.069.127,00

7.016.598,00

5.426.101,00

1. Suppliers: 32510

2.224.497,00

1.396.765,00

1.870.385,00

1.842.302,00

1.413.162,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

0,00

1.396.765,00

1.870.385,00

1.842.302,00

0,00

2. Suppliers, Group companies and associates: 32520

3.501.164,00

2.145.860,00

2.933.497,00

3.944.724,00

3.097.992,00

3. Other creditors: 32530

302.035,00

240.271,00

306.378,00

397.495,00

385.698,00

4. Personnel (remuneration due): 32540

524.084,00

455.081,00

410.026,00

565.352,00

366.194,00

5. Liabilities for current tax: 32550

322.247,00

363.249,00

316.197,00

87.805,00

0,00

6. Other accounts payable to Public Administrations.: 32560

213.435,00

174.862,00

232.644,00

178.920,00

163.055,00

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

47.951.440,00

47.019.406,00

46.398.795,00

40.963.274,00

39.441.528,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

41.441.826,00

39.291.248,00

41.037.534,00

41.730.067,00

29.679.600,00

a) Sales: 40110

41.393.187,00

39.238.681,00

40.999.034,00

41.657.633,00

29.569.548,00

b) Rendering of services: 40120

48.639,00

52.567,00

38.500,00

72.434,00

110.052,00

c) Income of financial nature of holding companies: 40130

0,00

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

-233.703,00

-1.689.560,00

252.723,00

762.674,00

-1.267.637,00

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

0,00

4. Supplies : 40400

-22.953.567,00

-21.022.373,00

-22.677.187,00

-22.392.848,00

-16.417.308,00

a) Stock consumption: 40410

-11.607.425,00

-10.943.258,00

-10.806.904,00

-9.963.600,00

-8.831.365,00

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

-11.196.142,00

-10.100.128,00

-11.887.358,00

-12.415.412,00

-7.514.754,00

c) Works carried out by other companies: 40430

0,00

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

-150.000,00

21.013,00

17.075,00

-13.836,00

-71.189,00

5. Other operating income: 40500

842.788,00

623.044,00

398.349,00

348.724,00

209.730,00

a) Auxiliary income and other from current management: 40510

584.096,00

384.644,00

388.335,00

332.342,00

197.926,00

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

258.692,00

238.400,00

10.014,00

16.382,00

11.804,00

6. Personnel costs: 40600

-4.705.147,00

-4.187.587,00

-4.195.578,00

-4.055.900,00

-4.350.134,00

a) Wages, salaries et al.: 40610

-3.682.538,00

-3.302.342,00

-3.318.374,00

-3.207.231,00

-3.523.217,00

b) Social security costs: 40620

-1.022.609,00

-885.245,00

-877.204,00

-848.669,00

-826.917,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-9.485.474,00

-8.341.468,00

-9.362.152,00

-9.551.731,00

-6.581.792,00

a) External services: 40710

-9.325.298,00

-8.242.012,00

-9.142.568,00

-9.466.797,00

-6.481.738,00

b) Taxes: 40720

-104.689,00

-108.532,00

-138.669,00

-74.741,00

-69.351,00

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

-24.911,00

9.076,00

-35.372,00

-10.193,00

-30.703,00

d) Other current management expenditure : 40740

-30.576,00

0,00

-45.543,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-889.459,00

-864.546,00

-898.536,00

-1.072.133,00

-1.178.526,00

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

0,00

1.660,00

2.477,00

10. Excess provisions : 41000

0,00

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

-16.221,00

0,00

9.298,00

-12.123,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-16.221,00

0,00

9.298,00

-12.123,00

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

4.001.043,00

3.808.758,00

4.564.451,00

5.758.390,00

96.410,00

14. Financial income : 41400

69.714,00

76.945,00

55.598,00

164.045,00

305.610,00

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

69.714,00

76.945,00

55.598,00

164.045,00

305.610,00

b 1) From Group companies and associates : 41421

24.271,00

73.528,00

55.177,00

162.656,00

153.812,00

b 2) From third parties : 41422

45.443,00

3.417,00

421,00

1.389,00

151.798,00

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

0,00

15. Financial expenditure: 41500

-153.265,00

-312.411,00

-164.513,00

-192.991,00

-482.205,00

a) Amounts owed to Group companies and associates : 41510

-73.969,00

0,00

-30.008,00

-37.745,00

-41.655,00

b) For debts with third parties : 41520

-79.296,00

-312.411,00

-134.505,00

-155.246,00

-440.550,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-61.369,00

-89.339,00

-230.604,00

-13.257,00

a) Trading book and other : 41610

0,00

-61.369,00

-89.339,00

-230.604,00

-13.257,00

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

0,00

17. Exchange rate differences : 41700

-240.607,00

-66.227,00

83.870,00

280.270,00

165.541,00

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

0,00

a) Impairment and losses : 41810

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

-324.158,00

-363.062,00

-114.384,00

20.720,00

-24.311,00

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

3.676.885,00

3.445.696,00

4.450.067,00

5.779.110,00

72.099,00

20. Income taxes: 41900

-522.223,00

-731.711,00

-875.625,00

-1.365.557,00

221.590,00

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

3.154.662,00

2.713.985,00

3.574.442,00

4.413.553,00

293.689,00

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

0,00

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

3.154.662,00

2.713.985,00

3.574.442,00

4.413.553,00

293.689,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

20.435.060,00

19.255.289,00

19.448.089,00

15.009.752,00

12.468.817,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

10.576,00

8.352,00

1.791,00

8.815,00

93.245,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

10.576,00

8.352,00

1.791,00

8.815,00

93.245,00

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:

15.826.036,00

14.448.489,00

14.650.542,00

10.230.757,00

10.598.045,00

1. Land and construction:

11.960.708,00

12.321.679,00

12.658.652,00

8.236.560,00

8.596.060,00

2. Technical installations and machinery:

3.351.955,00

1.647.164,00

1.749.964,00

1.419.284,00

1.964.979,00

3. Other installations, tools and furniture:

0,00

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

513.373,00

479.646,00

241.926,00

574.913,00

37.006,00

5. Other tangible assets:

0,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

4.598.448,00

4.798.448,00

4.795.756,00

4.770.180,00

1.777.527,00

1. Equity investments in group companies:

4.573.186,00

4.570.180,00

1.570.180,00

2. Receivables from group companies:

0,00

200.000,00

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:

0,00

7. Long term guarantees and deposits:

25.262,00

25.576,00

0,00

7.347,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

27.516.380,00

27.764.117,00

26.950.706,00

25.945.746,00

25.837.876,00

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

0,00

II. Stocks:

6.975.910,00

6.704.049,00

11.279.121,00

10.649.016,00

8.070.052,00

1. Goods for resale:

1.877.211,00

2.444.408,00

4.028.759,00

3.310.797,00

2.363.992,00

2. Raw materials and other consumables:

1.054.432,00

950.643,00

1.942.951,00

2.285.672,00

1.358.759,00

3. Goods in process and semifinished ones:

0,00

186.282,00

243.290,00

4. Finished products:

4.044.267,00

3.308.998,00

5.305.270,00

4.866.265,00

4.103.591,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

2.141,00

0,00

420,00

7. Provisions:

0,00

III. Debtors:

10.317.900,00

8.751.682,00

12.648.186,00

10.988.259,00

11.382.618,00

1. Trade debtors / accounts receivable:

5.771.670,00

5.263.961,00

6.062.846,00

6.742.171,00

6.452.038,00

2. Accounts receivable, Group companies:

1.140.308,00

1.044.069,00

2.623.441,00

1.424.823,00

1.227.335,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

62.285,00

37.054,00

36.720,00

40.054,00

1.002,00

5. Staff:

4.295,00

3.355,00

1.202,00

1.100,00

4.200,00

6. Public bodies:

3.339.342,00

2.403.243,00

3.923.977,00

2.780.111,00

3.698.043,00

7. Provisions:

0,00

IV. Short-term investments:

229.132,00

4.186.355,00

844.310,00

1.238.927,00

4.315.328,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

229.132,00

1.686.355,00

844.310,00

1.238.927,00

4.315.328,00

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:

0,00

2.500.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

9.970.072,00

8.107.012,00

2.168.089,00

3.050.651,00

2.069.878,00

VII. Prepayments and accrued income:

23.366,00

15.019,00

11.000,00

18.893,00

0,00

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

47.951.440,00

47.019.406,00

46.398.795,00

40.955.498,00

38.306.693,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

36.079.068,00

32.844.387,00

30.140.691,00

27.730.358,00

23.352.446,00

I. Subscribed capital:

3.005.061,00

II. Share premium:

5.297.609,00

III. Revaluation reserves:

0,00

IV. Reserves:

24.621.736,00

21.827.732,00

18.263.579,00

15.014.135,00

14.756.087,00

1. Legal reserve:

601.012,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

24.020.724,00

21.226.720,00

17.662.567,00

14.413.123,00

14.155.075,00

Differences due to capital adjustement to euros:

0,00

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:

3.154.662,00

2.713.985,00

3.574.442,00

4.413.553,00

293.689,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

151.686,00

0,00

1.162,00

1. Capital grants:

151.686,00

0,00

1.162,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

60.565,00

1.512.106,00

7.285.438,00

3.690.724,00

5.304.386,00

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:

47.562,00

1.047.703,00

7.273.766,00

3.676.347,00

5.287.304,00

1. Loans and other liabilities:

47.562,00

1.047.703,00

7.273.766,00

3.676.347,00

5.287.304,00

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:

13.003,00

464.403,00

11.672,00

14.377,00

17.082,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

450.048,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

13.003,00

14.355,00

11.672,00

14.377,00

17.082,00

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:

11.660.121,00

12.662.913,00

8.972.666,00

9.534.416,00

9.648.699,00

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:

997.563,00

7.886.825,00

2.903.539,00

2.517.818,00

2.837.768,00

1. Loans and other liabilities:

997.563,00

7.886.825,00

2.903.539,00

2.517.818,00

2.837.768,00

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:

7.076.260,00

2.145.860,00

2.933.497,00

3.944.724,00

4.482.822,00

1. Amounts owed to group companies:

7.076.260,00

2.145.860,00

2.933.497,00

3.944.724,00

4.482.822,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.526.532,00

1.637.036,00

2.176.763,00

2.239.797,00

1.798.860,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

2.526.532,00

1.637.036,00

2.176.763,00

2.239.797,00

1.798.860,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.059.766,00

993.192,00

958.867,00

832.077,00

529.249,00

1. Public bodies:

535.682,00

538.111,00

548.841,00

266.725,00

163.055,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

524.084,00

455.081,00

410.026,00

565.352,00

366.194,00

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):

47.951.440,00

47.019.406,00

46.398.795,00

40.955.498,00

38.306.693,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

39.199.666,00

37.277.252,00

38.262.930,00

38.873.887,00

30.069.269,00

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

233.703,00

1.689.560,00

0,00

1.267.637,00

A.2. Supplies:

22.803.567,00

21.043.386,00

22.694.262,00

22.379.012,00

16.346.119,00

a) Stock consumption:

11.607.425,00

10.943.258,00

10.806.904,00

9.963.600,00

8.831.365,00

b) Consumption of raw materials and miscellaneous consumable ones:

11.196.142,00

10.100.128,00

11.887.358,00

12.415.412,00

7.514.754,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

4.705.147,00

4.187.587,00

4.195.578,00

4.055.900,00

4.350.134,00

a) Wages, salaries et al.:

3.682.538,00

3.302.342,00

3.318.374,00

3.207.231,00

3.523.217,00

b) Social security costs:

1.022.609,00

885.245,00

877.204,00

848.669,00

826.917,00

A.4. Depreciation expense:

889.459,00

864.546,00

898.536,00

1.072.133,00

1.178.526,00

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

174.911,00

-30.089,00

18.297,00

24.029,00

101.892,00

a) Stock provision variation:

150.000,00

-21.013,00

-17.075,00

13.836,00

71.189,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

24.911,00

-9.076,00

35.372,00

10.193,00

30.703,00

A.6. Other operating charges:

9.460.563,00

8.350.544,00

9.326.780,00

9.541.538,00

6.551.089,00

a) External services:

9.325.298,00

8.242.012,00

9.142.568,00

9.466.797,00

6.481.738,00

b) Taxes:

104.689,00

108.532,00

138.669,00

74.741,00

69.351,00

c) Other operating expenses:

30.576,00

0,00

45.543,00

0,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

4.017.264,00

3.808.758,00

4.555.153,00

5.768.853,00

93.933,00

A.7. Financial and similar charges:

153.265,00

312.411,00

164.513,00

192.991,00

482.205,00

a) Due to liabilities with companies of the group:

73.969,00

0,00

30.008,00

37.745,00

41.655,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

79.296,00

312.411,00

134.505,00

155.246,00

440.550,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

61.369,00

89.339,00

230.604,00

13.257,00

A.9. Exchange losses:

240.607,00

66.227,00

0,00

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

0,00

20.720,00

0,00

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

3.693.106,00

3.445.696,00

4.440.769,00

5.789.573,00

69.622,00

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:

16.221,00

0,00

12.123,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

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

0,00

9.298,00

0,00

2.477,00

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

3.676.885,00

3.445.696,00

4.450.067,00

5.779.110,00

72.099,00

A.15. Corporation tax:

522.223,00

731.711,00

875.625,00

1.365.557,00

-221.590,00

A.16. Miscellaneous taxes:

0,00

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

3.154.662,00

2.713.985,00

3.574.442,00

4.413.553,00

293.689,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

42.354.328,00

39.991.237,00

41.837.372,00

43.287.440,00

30.362.958,00

B.1. Net total sales:

41.441.826,00

39.291.248,00

41.037.534,00

41.730.067,00

29.679.600,00

a) Sales:

41.393.187,00

39.238.681,00

40.999.034,00

41.657.633,00

29.569.548,00

b) Rendering of services:

48.639,00

52.567,00

38.500,00

72.434,00

110.052,00

Returns and Rappel on sales:

0,00

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

0,00

252.723,00

762.674,00

0,00

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

0,00

B.4. Miscellaneous operating income:

842.788,00

623.044,00

398.349,00

348.724,00

209.730,00

a) Auxiliary income and other from current management:

584.096,00

384.644,00

388.335,00

332.342,00

197.926,00

b) Grants:

258.692,00

238.400,00

10.014,00

16.382,00

11.804,00

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:

69.714,00

76.945,00

55.598,00

164.045,00

305.610,00

a) From companies of the group:

24.271,00

73.528,00

55.177,00

162.656,00

153.812,00

b) From associated companies:

0,00

c) Miscellaneous interests:

45.443,00

3.417,00

421,00

1.389,00

151.798,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

83.870,00

280.270,00

165.541,00

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

324.158,00

363.062,00

114.384,00

0,00

24.311,00

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

9.298,00

0,00

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

0,00

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

0,00

1.660,00

2.477,00

B.12. Extraordinary income:

0,00

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

0,00

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

16.221,00

0,00

10.463,00

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.

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

3.676.885,00

3.445.696,00

4.450.067,00

5.779.110,00

72.099,00

2. Results adjustments.: 61200

1.181.646,00

1.165.658,00

1.113.875,00

1.375.707,00

1.460.651,00

a) Fixed Assets Amortization (+).: 61201

889.459,00

864.546,00

898.536,00

1.072.133,00

1.178.526,00

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

150.000,00

-21.013,00

-17.075,00

13.836,00

71.189,00

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

24.911,00

-9.076,00

35.372,00

10.193,00

30.703,00

d) Allocation of grants (-).: 61204

0,00

-1.660,00

-2.477,00

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

16.221,00

0,00

-9.298,00

12.123,00

0,00

g) Financial income (-).: 61207

-69.714,00

-76.945,00

-55.598,00

-164.045,00

-305.610,00

h) Financial Expenses (+). : 61208

153.265,00

312.411,00

164.513,00

192.991,00

482.205,00

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

0,00

61.369,00

89.339,00

230.604,00

13.257,00

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

17.504,00

34.366,00

8.086,00

9.532,00

-7.142,00

3. Changes in current capital equity.: 61300

155.637,00

6.794.045,00

-4.039.014,00

-2.065.198,00

294.354,00

a) Stock (+/-).: 61301

-421.861,00

4.596.085,00

-613.030,00

-2.592.800,00

3.961.493,00

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

-1.766.531,00

3.542.070,00

-2.258.014,00

-956.197,00

-274.073,00

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

-8.347,00

-4.019,00

7.893,00

-18.893,00

9.519,00

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

2.352.376,00

-1.340.091,00

-1.175.863,00

1.502.692,00

-3.402.585,00

4. Other cash flows for operating activities.: 61400

-474.477,00

-641.788,00

-222.358,00

-134.859,00

-343.926,00

a) Interest payments (-). : 61401

-153.265,00

-312.411,00

-164.513,00

-192.991,00

-482.205,00

c) Interest collection (+). : 61403

69.714,00

14.798,00

55.598,00

48.047,00

164.631,00

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

-390.926,00

-344.175,00

-113.443,00

10.085,00

-26.352,00

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

4.539.691,00

10.763.611,00

1.302.570,00

4.954.760,00

1.483.178,00

6. Payments for investment (-).: 62100

-3.055.325,00

-7.344.765,00

-6.611.626,00

-857.674,00

-864.730,00

a) Companies of the group and affiliates. : 62101

-769.132,00

-4.175.711,00

-1.265.769,00

-224.707,00

-823.624,00

b) Intangible fixed assets. : 62102

-4.990,00

-7.586,00

0,00

-4.100,00

c) Fixed assets. : 62103

-2.281.203,00

-661.468,00

-591.746,00

-632.538,00

-37.006,00

d) Real estate investment. : 62104

0,00

-4.736.311,00

0,00

e) Other financial assets. : 62105

0,00

-2.500.000,00

-17.800,00

-429,00

0,00

7. Divestment payment collection (+). : 62200

4.926.355,00

3.393.121,00

1.686.436,00

434.500,00

150.317,00

a) Companies of the group and affiliates. : 62201

2.426.355,00

3.392.807,00

1.660.386,00

434.500,00

150.000,00

c) Fixed assets. : 62203

0,00

26.050,00

0,00

h) Other assets. : 62208

2.500.000,00

314,00

0,00

317,00

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

1.871.030,00

-3.951.644,00

-4.925.190,00

-423.174,00

-714.413,00

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

0,00

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

-4.547.661,00

-873.044,00

3.880.058,00

-3.550.814,00

-790.532,00

a) Issuance : 63201

3.791.790,00

450.048,00

5.585.775,00

110.514,00

1.384.830,00

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

0,00

5.585.775,00

0,00

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

3.575.096,00

0,00

110.514,00

1.384.830,00

5. Other debts (+). : 63206

216.694,00

450.048,00

0,00

b) Repayment and amortization of : 63207

-8.339.451,00

-1.323.092,00

-1.705.717,00

-3.661.328,00

-2.175.362,00

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

-8.339.451,00

-1.242.777,00

-1.602.585,00

-2.041.421,00

-1.977.830,00

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

0,00

-1.384.830,00

0,00

5. Other debts (-). : 63212

0,00

-80.315,00

-103.132,00

-235.077,00

-197.532,00

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

0,00

-1.140.000,00

0,00

a) Dividends (-).: 63301

0,00

-1.140.000,00

0,00

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

-4.547.661,00

-873.044,00

2.740.058,00

-3.550.814,00

-790.532,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

1.863.060,00

5.938.923,00

-882.562,00

980.772,00

-21.767,00

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

8.107.012,00

2.168.089,00

3.050.651,00

2.069.878,00

2.001.645,00

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

9.970.072,00

8.107.012,00

2.168.089,00

3.050.650,00

2.069.878,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,04 %

0,03 %

0,15 %

0,01 %

-70,26 %

249,07 %

EBITDA over Sales:

11,84 %

10,45 %

11,89 %

9,22 %

-0,45 %

13,27 %

Cash Flow Yield:

0,04 %

0,01 %

0,13 %

0,00 %

-69,24 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

9,28 %

6,28 %

10,01 %

5,24 %

-7,35 %

19,97 %

Total economic profitability:

7,99 %

3,59 %

7,99 %

2,51 %

-0,06 %

43,03 %

Financial profitability:

8,76 %

4,30 %

8,26 %

1,37 %

6,01 %

214,80 %

Margin:

9,46 %

5,80 %

9,54 %

4,84 %

-0,84 %

19,71 %

Mark-up:

8,70 %

3,94 %

8,63 %

1,63 %

0,73 %

142,63 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,86

0,15

0,64

0,12

33,56

30,51

Acid Test:

1,69

0,85

1,58

0,85

6,69

-0,85

Working Capital / Investment:

0,31

0,02

0,30

0,03

4,52

-27,03

Solvency:

2,36

1,17

2,19

1,18

7,63

-0,15

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,32

1,48

0,43

1,64

-25,04

-9,57

Borrowing Composition:

0,01

1,11

0,12

1,03

-95,65

8,13

Repayment Ability:

6,29

44,14

2,39

162,31

163,58

-72,80

Warranty:

4,09

1,68

3,32

1,62

23,34

4,07

Generated resources / Total creditors:

0,36

0,08

0,25

0,07

42,58

22,31

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,04

1,83

2,12

1,72

-3,46

6,08

Turnover of Collection Rights :

4,45

5,08

5,15

4,81

-13,49

5,45

Turnover of Payment Entitlements:

4,54

3,61

5,79

3,52

-21,58

2,59

Stock rotation:

5,49

7,81

5,39

6,59

1,86

18,53

Assets turnover:

0,98

1,08

1,05

1,08

-6,56

0,21

Borrowing Cost:

1,31

2,94

2,20

2,94

-40,67

-0,04

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

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,04 %

0,15 %

-0,02 %

0,02 %

0,00 %

EBITDA over Sales:

11,84 %

11,89 %

13,29 %

16,39 %

4,29 %

Cash Flow Yield:

0,04 %

0,13 %

-0,02 %

0,02 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

9,28 %

10,01 %

11,20 %

16,48 %

0,30 %

Total economic profitability:

7,99 %

9,95 %

14,58 %

1,41 %

Financial profitability:

8,76 %

8,26 %

11,87 %

15,94 %

1,26 %

Margin:

9,46 %

9,54 %

11,02 %

13,68 %

0,32 %

Mark-up:

8,70 %

8,63 %

10,74 %

13,73 %

0,24 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,86

0,64

0,24

0,32

0,21

Acid Test:

1,69

1,58

1,40

1,51

Working Capital / Investment:

0,31

0,30

0,36

0,35

0,33

Solvency:

2,36

2,19

2,98

2,72

2,68

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,32

0,43

0,54

0,48

0,70

Borrowing Composition:

0,01

0,12

0,81

0,41

0,70

Repayment Ability:

6,29

2,39

-18,51

13,66

-752,26

Warranty:

4,09

3,32

2,84

3,06

2,41

Generated resources / Total creditors:

0,36

0,25

0,27

0,41

0,09

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,04

2,12

2,30

2,69

1,29

Turnover of Collection Rights :

4,45

5,15

3,67

4,64

3,64

Turnover of Payment Entitlements:

4,54

5,79

5,32

4,66

4,00

Stock rotation:

5,49

5,39

3,27

3,41

3,69

Assets turnover:

0,98

1,05

1,02

1,20

0,93

Borrowing Cost:

1,31

2,20

1,01

1,44

2,94

COMPARATIVE SECTORIAL BALANCE

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

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

COMISION EUROPEA

Status

CONCEDIDA

Amount Granted

233.354,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

COMISION EUROPEA

Status

CONCEDIDA

Amount Granted

25.338,00

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

FUNDACION TRIPARTITA

Subsidy Concept

Subvencion de explotación.

Status

CONCEDIDA

Amount Granted

238.400,00

Notes

Otorgadas por la Fundación Tripartita y po la Dirección General de Investigación e Innovación.

Entity

FUNDACION TRIPARTITA

Subsidy Concept

subvencion de explotación

Status

CONCEDIDA

Amount Granted

10.014,00

Entity

GOBIERNO VASCO

Subsidy Concept

subvencion de explotación

Status

CONCEDIDA

Amount Granted

16.362,00

Entity

GOBIERNO VASCO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

1.660,00

Notes

Valor reflejado de 1.660 es de traspaso a resultado.

Entity

GOBIERNO VASCO

Amount Granted

22.066,00

Notes

Para la financiación de proyectos en instalaciones productivas y mejoras medioambientales.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.35
UK Pound	1	Rs.98.93
Euro	1	Rs.77.92

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

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

Financial Accounts and Balance Sheets

Research Summary

Unit