MIRA INFORM REPORT

Report Date :

30.10.2014

IDENTIFICATION DETAILS

Name :	EXEL FIL SA

Registered Office :	Polígon Industrial, S/N - Cervera - 25200 - Lleida

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	08.04.1994

Legal Form :	Public Company

Line of Business :	Manufacture and Sale of steel wire.

No of Employees :	30

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 – 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:

EXEL FIL SA

NIF / Fiscal code:

A25324690

Trade Name

EXEL FIL

Status:

ACTIVE

Incorporation Date:

08/04/1994

Register Data

Last Publication in BORME:

05/08/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

999.662,85

Localization:

POLÍGON INDUSTRIAL, S/N - CERVERA - 25200 - LLEIDA

Telephone - Fax - Email - Website:

Ph.:. 973533814 Email. exefil@exefil.com Website. www.exefil.com

Number of Branches

Activity:

NACE:

2432 - Cold rolling of narrow strip

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

2 for a total cost of 16366.18

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:

ACCIONES PROPIAS DE EXEL FIL, S.A.

0.05 %

Identification

Social Denomination:

EXEL FIL SA

Trade Name:

EXEL FIL

NIF / Fiscal code:

A25324690

Corporate Status:

ACTIVE

Start of activity:

1994

Registered Office:

POLÍGON INDUSTRIAL, S/N

Locality:

CERVERA

Province:

LLEIDA

Postal Code:

25200

Telephone:

973533814

Fax:

973532809

Website:

www.exefil.com

Email:

exefil@exefil.com

Branch Offices

Address

Postal Code

City

Province

Calle Ganduxer 129, bajos

08022

BARCELONA

Activity

NACE:

2432

Additional Information:

It is dedicated to the manufacture and sale of steel wire.

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Product / service improvement

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1994

Appointments/ Re-elections (2) Company Formation (1)

1995

Accounts deposit (ejer. 1994) Appointments/ Re-elections (2)

1996

Accounts deposit (ejer. 1995)

1997

Accounts deposit (ejer. 1996) Other Concepts/ Events (1) Statutory Modifications (1)

1998

Accounts deposit (ejer. 1997) Increase of Capital (1)

1999

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2000

Accounts deposit (ejer. 1998, 1999) Statutory Modifications (1)

2001

Accounts deposit (ejer. 2000) Increase of Capital (1)

2002

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

2003

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

2004

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (ejer. 2003, 2004) Appointments/ Re-elections (2)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)

2008

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

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (ejer. 2010)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Capital Reduction (3) Increase of Capital (1)

2013

Accounts deposit (ejer. 2012)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (2)

Breakdown of Owners' Equity

Registered Capital:

999.662,85

Paid up capital:

999.662,85

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1194

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

24/05/1994

Company Formation

138.233

28/02/1998

Increase of Capital

30.051

168.283

24/10/2001

Increase of Capital

41.720

210.000

12/01/2012

Increase of Capital

958.300

1.168.300

22/05/2012

Capital Reduction

-168.280

1.000.020

22/05/2012

Capital Reduction

-357

999.663

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

JOINT MANAGER

MARSANS PRAT JOSEP

28/07/2014

FREIXES BATALLA RAMON

28/07/2014

PROXY

MIROT ROIG MIQUEL

01/08/1995

MIRO BALDRICH ROSA MARIA

06/02/1995

FREIXES BATALLA RAMON

25/05/1994

ACCOUNTS' AUDITOR / HOLDER

AGUADO ANTONIJUAN Y SARRAGA SL

13/03/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUADO ANTONIJUAN Y SARRAGA SL

ACCOUNTS' AUDITOR / HOLDER

12/02/2002

ACCOUNTS' AUDITOR / HOLDER

10/04/2003

ACCOUNTS' AUDITOR / HOLDER

09/06/2004

ACCOUNTS' AUDITOR / HOLDER

07/06/2005

ACCOUNTS' AUDITOR / HOLDER

22/12/2005

ACCOUNTS' AUDITOR / HOLDER

21/05/2007

ACCOUNTS' AUDITOR / HOLDER

27/03/2008

ACCOUNTS' AUDITOR / HOLDER

09/12/2008

ACCOUNTS' AUDITOR / HOLDER

01/10/2009

ACCOUNTS' AUDITOR / HOLDER

13/08/2010

ACCOUNTS' AUDITOR / HOLDER

12/01/2012

ACCOUNTS' AUDITOR / HOLDER

28/11/2012

ACCOUNTS' AUDITOR / HOLDER

13/03/2014

FREIXES BATALLA RAMON

JOINT MANAGER

20/09/2004

JOINT MANAGER

28/07/2009

JOINT MANAGER

28/07/2014

MARSANS PRAT JOSEP

SINGLE ADMINISTRATOR

23/08/1999

JOINT MANAGER

20/09/2004

JOINT MANAGER

28/07/2009

JOINT MANAGER

28/07/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSEP MARSANS PRAT

ADMINISTRATOR

RAMON FREIXES BATALLA

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.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

The current debt represents a 35.09of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

EXEL FIL SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

No Company's subsidiaries or branches are known.

Among the companies with similar characteristics, EXEL FIL SA is located in one of the autonomous communities that have shown lesser business development in Spain. In principle, this feature hinders the consolidation of companies.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.517 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

243 Manufacture of other products of first processing of steel

Relative Position:

Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector EXEL FIL SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.517%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE EXEL FIL, S.A.

0.05

Turnover

Total Sales 2013

36.456.611,60

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Normales

August 2010

2008

Normales

September 2009

2007

Normales

October 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

July 2005

2003

Normales

December 2004

2002

Normales

September 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

November 2000

1998

Normales

June 2000

1997

Normales

July 1998

1997

Normales

September 1999

1996

Normales

September 1997

1995

Normales

August 1996

1994

Normales

August 1995

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, 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

7.173.809,00

7.407.978,00

7.566.984,00

7.272.878,00

7.553.193,00

I. Intangible fixed assets : 11100

383,00

2.215,00

6.528,00

8.812,00

0,00

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

383,00

2.215,00

6.528,00

8.812,00

0,00

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

6.829.720,00

7.079.077,00

7.193.998,00

6.936.677,00

7.222.017,00

1. Land and buildings: 11210

5.213.543,00

5.274.686,00

5.187.302,00

4.665.051,00

4.690.217,00

2. Technical installations and other tangible fixed assets: 11220

1.489.017,00

1.714.480,00

2.006.696,00

2.271.626,00

2.378.800,00

3. Tangible asset in progress and advances: 11230

127.160,00

89.911,00

0,00

153.000,00

III. Real estate investment: 11300

305.460,00

310.452,00

315.444,00

320.436,00

324.222,00

1. Land: 11310

74.571,00

2. Buildings: 11320

230.889,00

235.881,00

240.873,00

245.865,00

249.651,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

14.464,00

6.954,00

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

5. Other financial assets : 11550

14.464,00

6.954,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

23.782,00

1.771,00

44.061,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

16.707.907,00

18.124.712,00

15.120.437,00

17.576.732,00

14.076.946,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

5.472.099,00

5.271.465,00

4.143.852,00

3.809.848,00

1.290.592,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

3.615.298,00

2.987.088,00

2.331.012,00

1.962.928,00

610.852,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

1.856.801,00

2.284.377,00

1.812.840,00

1.846.920,00

679.740,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.856.801,00

2.284.377,00

1.812.840,00

1.846.920,00

679.740,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

8.166.745,00

8.532.935,00

7.720.932,00

7.149.140,00

5.137.612,00

1. Trade debtors / accounts receivable: 12310

7.616.673,00

7.541.131,00

7.205.077,00

6.907.019,00

4.660.538,00

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

0,00

b) Customers for sales and provisions of services : 12312

7.616.673,00

7.541.131,00

7.205.077,00

6.907.019,00

4.660.538,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

117.548,00

117.822,00

0,00

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

550.072,00

874.256,00

398.033,00

242.121,00

477.074,00

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

1.691.400,00

2.802.453,00

2.048.576,00

6.429.104,00

7.519.316,00

1. Equity instruments: 12510

1.691.541,00

994.098,00

1.048.672,00

2.929.104,00

2.519.316,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

-141,00

1.808.355,00

999.904,00

3.500.000,00

5.000.000,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.377.663,00

1.517.859,00

1.207.076,00

188.640,00

129.425,00

1. Treasury: 12710

1.377.663,00

1.517.859,00

1.207.076,00

188.640,00

129.425,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

23.881.716,00

25.532.690,00

22.687.420,00

24.849.610,00

21.630.139,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

13.804.101,00

12.909.963,00

12.552.705,00

11.796.569,00

9.944.412,00

A-1) Shareholders' equity: 21000

13.728.286,00

12.914.094,00

12.655.135,00

11.632.696,00

9.930.891,00

I. Capital: 21100

999.663,00

1.168.300,00

210.000,00

1. Registered capital : 21110

999.663,00

1.168.300,00

210.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

11.914.431,00

11.481.370,00

10.464.396,00

9.720.891,00

9.144.027,00

1. Legal y estatutarias: 21310

189.976,00

146.670,00

44.420,00

2. Other reserves: 21320

11.724.455,00

11.334.700,00

10.419.976,00

9.676.471,00

9.099.607,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

-60,00

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

814.192,00

433.061,00

1.022.499,00

1.701.806,00

576.864,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

75.816,00

-4.131,00

-102.430,00

163.872,00

13.521,00

I. Financial assets held for sale: 22100

75.816,00

-4.131,00

-102.430,00

163.872,00

13.521,00

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

1.696.544,00

1.879.240,00

2.334.542,00

2.865.456,00

3.152.377,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.361.514,00

1.521.378,00

1.935.520,00

2.436.472,00

3.118.390,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.356.907,00

1.516.771,00

1.931.313,00

2.376.536,00

2.809.878,00

3. Creditors from financial leasing: 31230

0,00

53.325,00

301.901,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

4.607,00

4.207,00

6.611,00

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

0,00

IV. Liabilities for deferred tax: 31400

335.031,00

357.861,00

399.022,00

428.984,00

33.987,00

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

8.381.070,00

10.743.488,00

7.800.174,00

10.187.586,00

8.533.350,00

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

3.608.083,00

4.684.287,00

4.376.776,00

5.657.687,00

5.603.993,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

3.608.083,00

4.684.287,00

4.376.776,00

5.611.005,00

5.456.344,00

3. Creditors from financial leasing: 32330

0,00

46.682,00

147.648,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

4.772.987,00

6.059.201,00

3.423.398,00

4.529.899,00

2.929.357,00

1. Suppliers: 32510

3.565.706,00

2.264.988,00

1.304.085,00

3.017.430,00

1.700.239,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

3.565.706,00

2.264.988,00

1.304.085,00

3.017.430,00

1.700.239,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

975.309,00

3.615.232,00

2.040.070,00

1.123.333,00

1.075.447,00

4. Personnel (remuneration due): 32540

776,00

1.561,00

0,00

492,00

0,00

5. Liabilities for current tax: 32550

80.694,00

39.646,00

0,00

113.651,00

70.713,00

6. Other accounts payable to Public Administrations.: 32560

58.106,00

60.051,00

52.386,00

52.715,00

43.173,00

7. Advances from clients: 32570

92.396,00

77.723,00

26.857,00

222.278,00

39.785,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

23.881.716,00

25.532.690,00

22.687.420,00

24.849.610,00

21.630.139,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

36.456.612,00

37.807.568,00

39.908.796,00

30.907.272,00

22.950.492,00

a) Sales: 40110

36.456.612,00

37.807.568,00

39.908.796,00

30.907.272,00

22.950.492,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

-427.576,00

471.538,00

-34.081,00

1.167.180,00

-663.911,00

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

0,00

4. Supplies : 40400

-28.205.798,00

-31.053.811,00

-32.052.424,00

-23.721.253,00

-16.329.138,00

a) Stock consumption: 40410

66.049,00

248.616,00

-308.037,00

9.964,00

312.930,00

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

-28.246.161,00

-31.274.315,00

-31.700.614,00

-23.686.076,00

-16.608.048,00

c) Works carried out by other companies: 40430

-25.685,00

-28.112,00

-43.773,00

-45.141,00

-34.020,00

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

0,00

5. Other operating income: 40500

10.056,00

21.326,00

33.450,00

45.053,00

45.140,00

a) Auxiliary income and other from current management: 40510

3.724,00

17.186,00

30.745,00

45.053,00

45.140,00

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

6.332,00

4.140,00

2.705,00

0,00

6. Personnel costs: 40600

-1.638.535,00

-1.532.370,00

-1.541.505,00

-1.362.350,00

-1.308.171,00

a) Wages, salaries et al.: 40610

-1.310.361,00

-1.232.404,00

-1.256.403,00

-1.115.906,00

-1.066.624,00

b) Social security costs: 40620

-328.174,00

-299.966,00

-285.102,00

-246.444,00

-241.547,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-4.739.233,00

-4.598.524,00

-4.478.114,00

-3.750.923,00

-3.246.515,00

a) External services: 40710

-4.656.493,00

-4.532.741,00

-4.431.804,00

-3.625.427,00

-3.091.514,00

b) Taxes: 40720

-38.357,00

-35.728,00

-39.116,00

-38.978,00

-38.120,00

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

-44.383,00

-30.056,00

-7.194,00

-86.518,00

-116.882,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-426.669,00

-569.605,00

-576.033,00

-629.133,00

-674.713,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

9.598,00

5.751,00

-298.625,00

-7.583,00

a) Impairment and losses : 41110

0,00

-298.625,00

0,00

b) Results for transfers and other : 41120

0,00

9.598,00

5.751,00

0,00

-7.583,00

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

1.503,00

4.563,00

-1.454,00

65.902,00

5.728,00

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

1.030.360,00

560.283,00

1.264.386,00

2.423.124,00

771.328,00

14. Financial income : 41400

17.673,00

79.255,00

68.637,00

148.668,00

298.578,00

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

17.673,00

79.255,00

68.637,00

148.668,00

298.578,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

17.673,00

79.255,00

68.637,00

148.668,00

298.578,00

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

0,00

15. Financial expenditure: 41500

-90.322,00

-155.316,00

-172.122,00

-135.651,00

-247.559,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-90.322,00

-155.316,00

-172.122,00

-135.651,00

-247.559,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

203.770,00

10.657,00

283.592,00

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

203.770,00

10.657,00

283.592,00

0,00

17. Exchange rate differences : 41700

-16.457,00

108.381,00

16.219,00

-3.966,00

1.745,00

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

114.664,00

42.977,00

196.327,00

9.050,00

52.764,00

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

1.145.024,00

603.260,00

1.460.712,00

2.432.175,00

824.091,00

20. Income taxes: 41900

-330.833,00

-170.199,00

-438.214,00

-730.369,00

-247.227,00

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

814.192,00

433.061,00

1.022.499,00

1.701.806,00

576.864,00

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

0,00

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

814.192,00

433.061,00

1.022.499,00

1.701.806,00

576.864,00

> 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, 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:

7.150.027,00

7.406.207,00

7.522.983,00

7.272.878,00

7.553.193,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

383,00

2.215,00

6.528,00

8.812,00

0,00

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:

383,00

2.215,00

6.528,00

8.812,00

0,00

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:

7.135.180,00

7.389.529,00

7.509.442,00

7.257.113,00

7.546.239,00

1. Land and construction:

5.519.003,00

5.585.138,00

5.502.746,00

4.985.487,00

5.014.439,00

2. Technical installations and machinery:

1.296.280,00

1.492.560,00

1.746.952,00

1.977.590,00

2.070.891,00

3. Other installations, tools and furniture:

43.353,00

49.917,00

58.425,00

66.138,00

69.258,00

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

127.160,00

89.911,00

0,00

153.000,00

5. Other tangible assets:

149.384,00

172.003,00

201.320,00

227.899,00

238.651,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

14.464,00

6.954,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

14.464,00

6.954,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

60,00

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

16.731.689,00

18.126.483,00

15.164.497,00

17.576.732,00

14.076.946,00

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

0,00

II. Stocks:

5.472.099,00

5.271.465,00

4.143.852,00

3.809.848,00

1.290.592,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

3.615.298,00

2.987.088,00

2.331.012,00

1.962.928,00

610.852,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

1.856.801,00

2.284.377,00

1.812.840,00

1.846.920,00

679.740,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

8.190.527,00

8.534.706,00

7.764.993,00

7.149.140,00

5.137.612,00

1. Trade debtors / accounts receivable:

7.616.673,00

7.541.131,00

7.205.077,00

6.907.019,00

4.660.538,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

573.854,00

993.574,00

559.916,00

242.121,00

477.074,00

7. Provisions:

0,00

IV. Short-term investments:

1.691.400,00

2.802.453,00

2.048.576,00

6.429.104,00

7.519.316,00

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:

1.691.541,00

994.098,00

1.048.672,00

2.929.104,00

2.519.316,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

-141,00

1.808.355,00

999.904,00

3.500.000,00

5.000.000,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.377.663,00

1.517.859,00

1.207.076,00

188.640,00

129.425,00

VII. Prepayments and accrued income:

0,00

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

23.881.716,00

25.532.690,00

22.687.480,00

24.849.610,00

21.630.139,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

13.804.101,00

12.909.963,00

12.552.765,00

11.796.569,00

9.944.412,00

I. Subscribed capital:

999.663,00

1.168.300,00

210.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

11.990.247,00

11.477.239,00

10.361.966,00

9.884.763,00

9.157.548,00

1. Legal reserve:

189.976,00

146.670,00

44.420,00

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:

11.800.265,00

11.330.563,00

10.317.541,00

9.840.339,00

9.113.124,00

Differences due to capital adjustement to euros:

6,00

5,00

4,00

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:

814.192,00

433.061,00

1.022.499,00

1.701.806,00

576.864,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.696.544,00

1.879.240,00

2.334.542,00

2.865.456,00

3.152.377,00

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:

1.356.907,00

1.516.771,00

1.931.313,00

2.429.861,00

3.111.779,00

1. Loans and other liabilities:

1.356.907,00

1.516.771,00

1.931.313,00

2.376.536,00

2.809.878,00

2. Long-term liabilities from capital leases:

0,00

53.325,00

301.901,00

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:

339.638,00

362.468,00

403.229,00

435.595,00

40.598,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

4.607,00

4.207,00

6.611,00

4. Long term payables to public bodies:

335.031,00

357.861,00

399.022,00

428.984,00

33.987,00

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:

8.381.070,00

10.743.488,00

7.800.174,00

10.187.586,00

8.533.350,00

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:

3.608.083,00

4.684.287,00

4.376.776,00

5.657.687,00

5.603.993,00

1. Loans and other liabilities:

3.608.083,00

4.684.287,00

4.376.776,00

5.611.005,00

5.456.344,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

46.682,00

147.648,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

4.633.411,00

5.957.943,00

3.371.012,00

4.363.041,00

2.815.472,00

1. Advanced payments from customers:

92.396,00

77.723,00

26.857,00

222.278,00

39.785,00

2. Amounts owed for purchases of goods or services:

4.541.015,00

5.880.220,00

3.344.155,00

4.140.763,00

2.775.686,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

139.576,00

101.259,00

52.386,00

166.858,00

113.886,00

1. Public bodies:

138.800,00

99.697,00

52.386,00

166.366,00

113.886,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

776,00

1.561,00

0,00

492,00

0,00

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):

23.881.716,00

25.532.690,00

22.687.480,00

24.849.610,00

21.630.139,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

35.875.422,00

38.079.825,00

39.293.946,00

30.632.270,00

22.724.819,00

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

427.576,00

0,00

34.081,00

0,00

663.911,00

A.2. Supplies:

28.205.798,00

31.053.811,00

32.052.424,00

23.721.253,00

16.329.138,00

a) Stock consumption:

-66.049,00

-248.616,00

308.037,00

-9.964,00

-312.930,00

b) Consumption of raw materials and miscellaneous consumable ones:

28.246.161,00

31.274.315,00

31.700.614,00

23.686.076,00

16.608.048,00

c) Miscellaneous external expenditure:

25.685,00

28.112,00

43.773,00

45.141,00

34.020,00

A.3. Staff costs:

1.638.535,00

1.532.370,00

1.541.505,00

1.362.350,00

1.308.171,00

a) Wages, salaries et al.:

1.310.361,00

1.232.404,00

1.256.403,00

1.115.906,00

1.066.624,00

b) Social security costs:

328.174,00

299.966,00

285.102,00

246.444,00

241.547,00

A.4. Depreciation expense:

426.669,00

569.605,00

576.033,00

629.133,00

674.713,00

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

44.383,00

30.056,00

7.194,00

86.518,00

116.882,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

44.383,00

30.056,00

7.194,00

86.518,00

116.882,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

4.694.850,00

4.568.468,00

4.470.920,00

3.664.405,00

3.129.634,00

a) External services:

4.656.493,00

4.532.741,00

4.431.804,00

3.625.427,00

3.091.514,00

b) Taxes:

38.357,00

35.728,00

39.116,00

38.978,00

38.120,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

1.028.857,00

546.122,00

1.260.088,00

2.655.847,00

773.182,00

A.7. Financial and similar charges:

90.322,00

155.316,00

172.122,00

135.651,00

247.559,00

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.:

90.322,00

155.316,00

172.122,00

135.651,00

247.559,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

16.457,00

0,00

3.966,00

0,00

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

114.664,00

42.977,00

196.327,00

9.050,00

52.764,00

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

1.143.521,00

589.099,00

1.456.415,00

2.664.897,00

825.946,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

0,00

298.625,00

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

7.583,00

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

0,00

A.13. Extraordinary expenses:

0,00

1.454,00

0,00

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

0,00

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

1.503,00

14.161,00

4.297,00

0,00

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

1.145.024,00

603.260,00

1.460.712,00

2.432.175,00

824.091,00

A.15. Corporation tax:

330.833,00

170.199,00

438.214,00

730.369,00

247.227,00

A.16. Miscellaneous taxes:

0,00

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

814.192,00

433.061,00

1.022.499,00

1.701.806,00

576.864,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

36.689.614,00

38.512.886,00

40.316.445,00

32.334.076,00

23.301.683,00

B.1. Net total sales:

36.456.612,00

37.807.568,00

39.908.796,00

30.907.272,00

22.950.492,00

a) Sales:

36.456.612,00

37.807.568,00

39.908.796,00

30.907.272,00

22.950.492,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

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

0,00

471.538,00

0,00

1.167.180,00

0,00

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

0,00

B.4. Miscellaneous operating income:

10.056,00

21.326,00

33.450,00

45.053,00

45.140,00

a) Auxiliary income and other from current management:

3.724,00

17.186,00

30.745,00

45.053,00

45.140,00

b) Grants:

6.332,00

4.140,00

2.705,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

1,00

2,00

4,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

1,00

2,00

4,00

B.7. Miscellaneous interests or similar income:

221.442,00

89.910,00

352.228,00

148.666,00

298.574,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

17.673,00

79.254,00

68.636,00

148.666,00

298.574,00

d) Profit on financial investment:

203.770,00

10.657,00

283.592,00

0,00

B.8. Exchange positive differences:

0,00

108.381,00

16.219,00

0,00

1.745,00

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

0,00

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

0,00

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

0,00

9.598,00

5.751,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

1.503,00

4.563,00

0,00

65.902,00

5.728,00

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

232.723,00

1.855,00

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

1.145.024,00

603.260,00

1.460.712,00

2.432.175,00

824.091,00

2. Results adjustments.: 61200

515.774,00

511.148,00

373.955,00

918.707,00

629.533,00

a) Fixed Assets Amortization (+).: 61201

426.669,00

569.605,00

576.033,00

629.133,00

674.713,00

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

0,00

-9.598,00

-5.751,00

298.625,00

7.583,00

g) Financial income (-).: 61207

-43.922,00

-218.285,00

-123.891,00

-215.652,00

-309.304,00

h) Financial Expenses (+). : 61208

133.028,00

185.964,00

211.156,00

206.602,00

256.541,00

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

0,00

-10.657,00

-283.592,00

0,00

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

0,00

-5.882,00

0,00

3. Changes in current capital equity.: 61300

-1.206.742,00

655.906,00

-1.780.824,00

-3.007.292,00

3.423.472,00

a) Stock (+/-).: 61301

-200.634,00

-1.127.613,00

-334.004,00

-2.519.256,00

888.461,00

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

639.264,00

-812.003,00

-56.765,00

-1.759.482,00

3.028.461,00

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

-1.645.372,00

2.595.522,00

-1.390.055,00

1.271.446,00

-493.450,00

4. Other cash flows for operating activities.: 61400

-412.959,00

-139.497,00

-715.945,00

-313.708,00

-331.563,00

a) Interest payments (-). : 61401

-133.028,00

-185.964,00

-211.156,00

-206.602,00

-256.541,00

c) Interest collection (+). : 61403

43.922,00

218.285,00

123.891,00

215.652,00

309.304,00

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

-323.854,00

-171.817,00

-628.679,00

-322.758,00

-384.327,00

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

41.098,00

1.630.818,00

-662.101,00

29.882,00

4.545.533,00

6. Payments for investment (-).: 62100

-170.488,00

-1.341.879,00

-3.847.021,00

-3.349.443,00

-4.283.900,00

b) Intangible fixed assets. : 62102

0,00

-1.784,00

-11.292,00

0,00

c) Fixed assets. : 62103

-170.488,00

-473.782,00

-845.237,00

-641.945,00

-841.900,00

d) Real estate investment. : 62104

0,00

-1.206,00

0,00

e) Other financial assets. : 62105

0,00

-868.097,00

-3.000.000,00

-2.695.000,00

-3.442.000,00

7. Divestment payment collection (+). : 62200

2.253.063,00

253.665,00

7.424.512,00

4.007.000,00

44.534,00

c) Fixed assets. : 62203

0,00

38.000,00

26.695,00

7.000,00

44.534,00

e) Other financial assets. : 62205

2.253.063,00

215.665,00

7.397.817,00

4.000.000,00

0,00

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

2.082.575,00

-1.088.214,00

3.577.492,00

657.557,00

-4.239.366,00

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

0,00

-168.220,00

-60,00

0,00

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

0,00

-168.280,00

0,00

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

0,00

-60,00

0,00

d) Disposal of own equity instruments (+). : 63104

0,00

60,00

0,00

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

-1.236.069,00

-63.602,00

-1.896.894,00

-628.223,00

-262.400,00

a) Issuance : 63201

8.979.294,00

9.374.281,00

6.650.000,00

465.000,00

3.790.000,00

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

8.979.294,00

9.330.853,00

6.650.000,00

465.000,00

3.790.000,00

5. Other debts (+). : 63206

0,00

43.428,00

0,00

b) Repayment and amortization of : 63207

-10.215.363,00

-9.437.883,00

-8.546.894,00

-1.093.223,00

-4.052.400,00

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

-10.215.363,00

-9.437.883,00

-8.429.460,00

-1.093.223,00

-4.052.400,00

5. Other debts (-). : 63212

0,00

-117.434,00

0,00

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

0,00

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

-1.236.069,00

-231.821,00

-1.896.954,00

-628.223,00

-262.400,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

887.604,00

310.782,00

1.018.436,00

59.215,00

43.767,00

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

1.517.859,00

1.207.076,00

188.640,00

129.425,00

85.658,00

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

1.377.663,00

1.517.859,00

1.207.076,00

188.640,00

129.425,00

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:

0,00 %

0,03 %

0,01 %

-146,79 %

246,00 %

EBITDA over Sales:

3,99 %

10,34 %

2,95 %

9,22 %

35,29 %

12,16 %

Cash Flow Yield:

-0,01 %

0,01 %

0,00 %

-148,23 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,64 %

6,19 %

2,45 %

5,24 %

89,65 %

18,08 %

Total economic profitability:

5,17 %

3,56 %

2,97 %

2,51 %

74,11 %

41,85 %

Financial profitability:

5,93 %

4,24 %

3,35 %

1,37 %

76,86 %

210,37 %

Margin:

2,82 %

5,72 %

1,47 %

4,84 %

92,06 %

18,05 %

Mark-up:

3,14 %

3,87 %

1,58 %

1,63 %

98,14 %

137,83 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,16

0,15

0,14

0,12

16,35

30,33

Acid Test:

1,34

0,84

1,20

0,85

12,06

-1,34

Working Capital / Investment:

0,35

0,02

0,29

0,03

20,61

-24,69

Solvency:

2,00

1,18

1,69

1,18

18,32

0,05

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,73

1,49

0,98

1,64

-24,90

-9,28

Borrowing Composition:

0,20

1,10

0,17

1,03

15,73

7,16

Repayment Ability:

-71,88

44,40

40,62

162,31

-276,98

-72,65

Warranty:

2,37

1,68

2,02

1,62

17,16

3,93

Generated resources / Total creditors:

0,12

0,08

0,07

55,01

21,42

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,89

1,82

1,73

1,72

9,27

5,65

Turnover of Collection Rights :

4,47

5,08

4,43

4,81

0,72

5,51

Turnover of Payment Entitlements:

6,81

3,62

5,96

3,52

14,27

2,95

Stock rotation:

6,48

7,59

7,07

6,59

-8,43

15,15

Assets turnover:

1,64

1,08

1,67

1,08

-1,25

0,03

Borrowing Cost:

0,90

2,94

1,23

2,94

-27,16

-0,20

> 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:

0,00 %

0,01 %

0,03 %

0,00 %

0,19 %

EBITDA over Sales:

3,99 %

2,95 %

4,60 %

10,63 %

6,31 %

Cash Flow Yield:

-0,01 %

0,01 %

0,04 %

0,00 %

0,20 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

4,64 %

2,45 %

6,14 %

12,80 %

5,43 %

Total economic profitability:

5,17 %

2,97 %

7,20 %

10,33 %

4,95 %

Financial profitability:

5,93 %

3,35 %

8,08 %

14,63 %

5,81 %

Margin:

2,82 %

1,47 %

3,17 %

7,62 %

3,33 %

Mark-up:

3,14 %

1,58 %

3,66 %

7,64 %

3,56 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,16

0,14

0,15

0,02

Acid Test:

1,34

1,20

1,41

1,35

1,50

Working Capital / Investment:

0,35

0,29

0,32

0,30

0,26

Solvency:

2,00

1,69

1,94

1,73

1,65

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,73

0,98

0,80

1,12

1,18

Borrowing Composition:

0,20

0,17

0,30

0,28

0,37

Repayment Ability:

-71,88

40,62

9,95

220,43

8,04

Warranty:

2,37

2,02

2,24

1,90

1,85

Generated resources / Total creditors:

0,12

0,08

0,16

0,18

0,11

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,89

1,73

2,19

3,41

2,11

Turnover of Collection Rights :

4,47

4,43

5,17

4,33

4,48

Turnover of Payment Entitlements:

6,81

5,96

10,66

6,32

6,46

Stock rotation:

6,48

7,07

9,33

7,43

17,22

Assets turnover:

1,64

1,67

1,94

1,68

1,63

Borrowing Cost:

0,90

1,23

1,70

1,04

2,12

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

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Project

Nueva línea de trefilado y recocido.

Amount Granted

10.958,41

Notes

Subvención correspondiente al programa ICO-CDTI.

Entity

CENTRO PARA EL DESARROLLO TECNOLÓGICO INDUSTRIAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Nueva línea de trefilado y recocido.

Amount Granted

5.407,77

Notes

Subvención correspondiente al programa ICO-CDTI.

Research Summary

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.32
UK Pound	1	Rs.99.00
Euro	1	Rs.78.14

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SMN

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

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit