MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	MESPACK SL
Registered Office :	Calle Mar Adriatic 18 (Pol. Ind. Can Roca ) - Santa Perpetua De Mogoda - 08130 - Barcelona
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	15.12.1994
Legal Form :	Private Company
Line of Business :	Subject is engaged in the manufacture of horizontal packaging machinery, mainly in sectors such as food, pharmaceuticals and cosmetics.
No. of Employees :	130

RATING & COMMENTS

MIRA’s Rating :

Ba

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	A2	A2

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:	MESPACK SL
NIF / Fiscal code:	B60718749
Trade Name	MESPACK
Status:	ACTIVE
Incorporation Date:	15/12/1994
Register Data	Register Section 8 Sheet 123329
Last Publication in BORME:	04/03/2013 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	501.600
Localization:	CALLE MAR ADRIATIC 18 ( POL. IND. CAN ROCA ) - SANTA PERPETUA DE MOGODA - 08130 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 935747227   Email. info@mespak.com Website. www.mespack.com
Activity:
NACE:	2899 - Manufacture of other special-purpose machinery n.e.c.
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No

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	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

EMIG ENRIC MARTI INVESTMENTS GROUP SL	50 %
GEINFISAR 99 SL	50 %
Shares:	0
Other Links:	6
No. of Active Corporate Bodies:	JOINT MANAGER 2

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The company is engaged in the manufacture of horizontal packaging machinery, mainly in sectors such as food, pharmaceuticals and cosmetics. Its evolution is correct. Its turnover in 2012 increased 20% comparing to the previous 2011

Identification

Social Denomination:	MESPACK SL
Trade Name:	MESPACK
NIF / Fiscal code:	B60718749
Corporate Status:	ACTIVE
Start of activity:	1995
Registered Office:	CALLE MAR ADRIATIC 18 ( POL. IND. CAN ROCA )
Locality:	SANTA PERPETUA DE MOGODA
Province:	BARCELONA
Postal Code:	08130
Telephone:	935747227
Website:	www.mespack.com
Email:	info@mespak.com

Activity

NACE:	2899
CNAE Obtaining Source:	2899
Additional Information:	Engaged in the manufacture of horizontal packaging machinery, mainly in sectors such as food, pharmaceuticals and cosmetics.
Additional Address:	C/ MAR ADRIATIC, 18 -POLIG.IND.LA TORRE DEL RECTOR. , 08130 , SANTA PERPETUA DE MOGODA (BARCELONA) , registered office, offices, factory, warehouse and other facilities as property.
Import / export:	EXPORTS
Future Perspective:	Product / service improvement
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	130

Chronological Summary

Year	Act
1995	Appointments/ Re-elections (2) Company Formation (1)
1996	Accounts deposit (ejer. 1994, 1995) Adaptation to Law (1) Change of Social Purpose (1)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3)
1998	Appointments/ Re-elections (2) Increase of Capital (1) Other Concepts/ Events (1)
1999	Accounts deposit (ejer. 1997, 1998)
2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1) Change of Social address (1)
2004	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
2005	Accounts deposit (ejer. 2003, 2004) Change of Social address (1)
2007	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
2008	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1)
2009	Accounts deposit (ejer. 2007) Appointments/ Re-elections (1)
2010	Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)
2011	Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)
2012	Accounts deposit (ejer. 2010)
2013	Accounts deposit (ejer. 2011, 2012) Appointments/ Re-elections (1)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	DISEÑO,CONSTRUCCION,COMERCIALIZACION,INSTALACION,MANTENIMIENTO Y REPARACION DE TODO TIPO DE MAQUINARIA.	Company Formation	14/02/1995

Breakdown of Owners' Equity

Registered Capital:	501.600
Paid up capital:	501.600

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
26/01/1995	Company Formation	7.212	7.212	7.212	7.212
26/11/1998	Increase of Capital	60.101	60.101	67.313	67.313
04/10/2000	Increase of Capital	18.331	18.331	85.644	85.644
24/05/2002	Increase of Capital	415.958	415.958	501.600	501.600

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
JOINT MANAGER	GEINFISAR 99 SL	03/06/2004	1
	EMIG ENRIC MARTI INVESTMENTS GROUP SL	03/06/2004	1
PROXY	REINAUT FREDERIK VAN ZIJP	27/03/2001	1
REPRESENTATIVE	MARTI ROCHE ENRIQUE	03/06/2004	4
	FITE SALA MENNA	03/06/2004	2
ACCOUNTS' AUDITOR / HOLDER	ACR AUDITECNIA SL	21/02/2013	7

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ACR AUDITECNIA SL	ACCOUNTS' AUDITOR / HOLDER	21/10/2008	7
	ACCOUNTS' AUDITOR / HOLDER	19/05/2009
	ACCOUNTS' AUDITOR / HOLDER	12/03/2010
	ACCOUNTS' AUDITOR / HOLDER	08/06/2011
	ACCOUNTS' AUDITOR / HOLDER	21/02/2013
	ACCOUNTS' AUDITOR / HOLDER	31/05/2007
ALCANTARA SANCHEZ FRANCISCA	ADMINISTRATOR	29/10/1997	2
	JOINT ADMINISTRATOR	29/12/1997
CIFUENTES IBARRA SERAFIN	JOINT ADMINISTRATOR	10/04/2000	2
	PROXY	29/10/1997
FITE SALA MENNA	MEMBER OF THE BOARD	03/06/2004	2
GARCIA CABEZOS JOSE	PROXY	13/07/2007	2
	PROXY	29/10/1997
GRAU SALA MARINA	JOINT ADMINISTRATOR	10/04/2000	4
	ADMINISTRATOR	24/05/2002
	ADMINISTRATOR	29/10/1997
	JOINT ADMINISTRATOR	29/12/1997
LACASA LOBERA FRANCISCO	ACCOUNTS' AUDITOR / HOLDER	11/03/2004	1
MARTI CARULLA ALEX	MEMBER OF THE BOARD	03/06/2004	1
MARTI ROCHE ENRIQUE	MEMBER OF THE BOARD	03/06/2004	4
	CHIEF EXECUTIVE OFFICER	03/06/2004
	SECRETARY	03/06/2004
MIRO LLONCH JOAQUIN	ADMINISTRATOR	24/05/2002	8
	MEMBER OF THE BOARD	03/06/2004
	PROXY	29/10/1997
	PROXY	19/05/1998
	PROXY	09/06/2004
	PROXY	13/07/2007
	CHIEF EXECUTIVE OFFICER	03/06/2004
	PRESIDENT	03/06/2004
PONSA VILATERSANA JOSEP	MEMBER OF THE BOARD	03/06/2004	2
	PROXY	09/06/2004

Executive board

Post	NIF	Name
MARKETING DIRECTOR		ALEJANDRO MARTI CARULLA

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		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
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 rating

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 32.86of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. MESPACK SL 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. Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs. Audit qualifications . The company has submitted the audit with a qualified opinion, indicating that the financial statements may not reflect the true picture because of the existence of circumstances that may be significant. Among the companies with similar characteristics, MESPACK SL 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

> Probabilidad Estimada de Impago para los próximos 12 meses:  1.281 %

> Latest Rating Changes :

Sector in which comparison is carried out :

289 Manufacture of other special-purpose machinery

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 89.00% of the companies of the sector MESPACK 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 1.281%.

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

Clients

Name	NIF	Telephone
RECKITT BENCKISER

 Link List

HAS IN ITS ADMINISTRATION BOARD TO:	2 Entities
IS RELATED WITH:	4 Entities
SHAREHOLDERS:	2 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	EMIG ENRIC MARTI INVESTMENTS GROUP SL	BARCELONA	50
	GEINFISAR 99 SL	BARCELONA	50

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	GEINFISAR 99 SL	BARCELONA	50
	EMIG, S.L.		50
	ENRIC MARTI INVESTMENT GROUP, S.L.
	INMOPAK SA	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	EMIG ENRIC MARTI INVESTMENTS GROUP SL	BARCELONA
	GEINFISAR 99 SL	BARCELONA

Turnover

Total Sales 2013

48.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	December  2013
2011	Normales	February  2013
2010	Normales	June  2012
2009	Normales	May  2011
2008	Normales	March  2010
2007	Normales	March  2009
2006	Normales	December  2007
2005	Normales	June  2007
2004	Normales	September  2005
2003	Normales	December  2004
2002	Normales	August  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Normales	August  2000
1998	Normales	August  1999
1997	Normales	March  1999
1996	Normales	August  1997
1995	Normales	August  1996
1994	Normales	November  1996

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

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

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	8.885.000,00	8.187.000,00	441.000,00	384.000,00	286.000,00
I. Intangible fixed assets : 11100	109.000,00	70.000,00	44.000,00	26.000,00	26.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	66.000,00	37.000,00	21.000,00	8.000,00	2.000,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	43.000,00	33.000,00	23.000,00	18.000,00	24.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	1.919.000,00	911.000,00	392.000,00	356.000,00	249.000,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	1.919.000,00	911.000,00	392.000,00	356.000,00	249.000,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	1.250.000,00	900.000,00	0,00	0,00	0,00
1. Equity instruments: 11410	150.000,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	1.100.000,00	900.000,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	5.607.000,00	6.306.000,00	5.000,00	2.000,00	11.000,00
1. Equity instruments: 11510	0,00	6.300.000,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	8.000,00
3. Debt securities: 11530	3.570.000,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	2.037.000,00	6.000,00	5.000,00	2.000,00	3.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	0,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	35.240.000,00	27.987.000,00	27.947.000,00	22.081.000,00	15.332.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	5.061.000,00	5.340.000,00	4.619.000,00	3.906.000,00	3.832.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	1.927.000,00	2.423.000,00	2.226.000,00	1.956.000,00	2.086.000,00
3. Work in progress: 12230	2.908.000,00	2.601.000,00	2.263.000,00	1.840.000,00	1.639.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	2.908.000,00	2.601.000,00	0,00	0,00	1.639.000,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	176.000,00	298.000,00	187.000,00	86.000,00	106.000,00
6. Advances to suppliers: 12260	50.000,00	18.000,00	43.000,00	24.000,00	1.000,00
III. Trade debtors and others receivable accounts: 12300	8.423.000,00	9.181.000,00	4.614.000,00	8.339.000,00	3.156.000,00
1. Trade debtors / accounts receivable: 12310	6.983.000,00	7.920.000,00	4.124.000,00	6.874.000,00	2.894.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	6.983.000,00	7.920.000,00	4.124.000,00	0,00	2.894.000,00
2. Customers, Group companies and associates : 12320	0,00	0,00	0,00	0,00	0,00
3. Other accounts receivable: 12330	13.000,00	13.000,00	12.000,00	0,00	7.000,00
4. Personnel: 12340	0,00	-5.000,00	0,00	0,00	1.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	1.427.000,00	1.253.000,00	478.000,00	1.465.000,00	254.000,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	10.993.000,00	8.794.000,00	11.551.000,00	4.402.000,00	3.402.000,00
1. Equity instruments: 12510	4.993.000,00	8.794.000,00	11.551.000,00	4.401.000,00	3.401.000,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	6.000.000,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	1.000,00	1.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	41.000,00	27.000,00	23.000,00	22.000,00	17.000,00
VII. Cash and other equivalent liquid assets : 12700	10.722.000,00	4.645.000,00	7.140.000,00	5.412.000,00	4.925.000,00
1. Treasury: 12710	10.722.000,00	4.645.000,00	7.140.000,00	5.412.000,00	4.925.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	44.125.000,00	36.174.000,00	28.388.000,00	22.465.000,00	15.618.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	29.291.000,00	21.513.000,00	14.852.000,00	9.138.000,00	5.902.000,00
A-1) Shareholders' equity: 21000	29.291.000,00	21.513.000,00	14.852.000,00	9.138.000,00	5.902.000,00
I. Capital: 21100	502.000,00	502.000,00	502.000,00	502.000,00	502.000,00
1. Registered capital : 21110	502.000,00	502.000,00	502.000,00	502.000,00	502.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	59.000,00	59.000,00	59.000,00	59.000,00	59.000,00
III. Reserves: 21300	18.952.000,00	13.091.000,00	7.376.000,00	3.542.000,00	2.802.000,00
1. Legal y estatutarias: 21310	158.000,00	158.000,00	158.000,00	158.000,00	158.000,00
2. Other reserves: 21320	18.794.000,00	12.933.000,00	7.218.000,00	3.384.000,00	2.644.000,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	9.778.000,00	7.861.000,00	6.915.000,00	5.035.000,00	2.539.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	336.000,00	356.000,00	323.000,00	308.000,00	659.000,00
I. Long-term provisions: 31100	267.000,00	255.000,00	230.000,00	248.000,00	659.000,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	267.000,00	255.000,00	230.000,00	248.000,00	659.000,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	69.000,00	101.000,00	93.000,00	60.000,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	14.498.000,00	14.305.000,00	13.213.000,00	13.019.000,00	9.057.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	-5.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	19.000,00	34.000,00	1.216.000,00	1.211.000,00	1.207.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	19.000,00	23.000,00	1.216.000,00	1.211.000,00	1.207.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	11.000,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	14.479.000,00	14.271.000,00	11.997.000,00	11.808.000,00	7.855.000,00
1. Suppliers: 32510	4.663.000,00	4.613.000,00	4.670.000,00	4.344.000,00	3.016.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	4.344.000,00	0,00
b) Short-term debts : 32512	4.663.000,00	4.613.000,00	4.670.000,00	0,00	3.016.000,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	954.000,00	1.145.000,00	840.000,00	792.000,00	759.000,00
4. Personnel (remuneration due): 32540	164.000,00	147.000,00	129.000,00	117.000,00	96.000,00
5. Liabilities for current tax: 32550	1.145.000,00	1.398.000,00	1.144.000,00	977.000,00	301.000,00
6. Other accounts payable to Public Administrations.: 32560	413.000,00	371.000,00	317.000,00	270.000,00	214.000,00
7. Advances from clients: 32570	7.140.000,00	6.597.000,00	4.897.000,00	5.308.000,00	3.469.000,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	44.125.000,00	36.174.000,00	28.388.000,00	22.465.000,00	15.618.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	47.562.000,00	39.498.000,00	33.424.000,00	28.186.000,00	21.327.000,00
a) Sales: 40110	45.978.000,00	38.601.000,00	32.558.000,00	27.695.000,00	21.049.000,00
b) Rendering of services: 40120	1.584.000,00	897.000,00	866.000,00	491.000,00	278.000,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	185.000,00	550.000,00	424.000,00	182.000,00	-555.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-20.736.000,00	-17.605.000,00	-14.712.000,00	-12.163.000,00	-9.608.000,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	-9.161.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-19.561.000,00	-17.020.000,00	-14.258.000,00	-11.729.000,00	-233.000,00
c) Works carried out by other companies: 40430	-876.000,00	-453.000,00	-277.000,00	-217.000,00	-214.000,00
d) Impairment of stock, primary material and other supplies: 40440	-299.000,00	-132.000,00	-177.000,00	-217.000,00	0,00
5. Other operating income: 40500	65.000,00	38.000,00	292.000,00	22.000,00	4.000,00
a) Auxiliary income and other from current management: 40510	65.000,00	38.000,00	292.000,00	22.000,00	4.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-7.494.000,00	-6.652.000,00	-5.402.000,00	-4.648.000,00	-3.927.000,00
a) Wages, salaries et al.: 40610	-6.005.000,00	-5.344.000,00	-4.348.000,00	-3.708.000,00	-3.162.000,00
b) Social security costs: 40620	-1.489.000,00	-1.308.000,00	-1.054.000,00	-940.000,00	-765.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-5.881.000,00	-4.797.000,00	-4.285.000,00	-4.217.000,00	-3.606.000,00
a) External services: 40710	-5.860.000,00	-4.766.000,00	-4.246.000,00	-4.186.000,00	-3.577.000,00
b) Taxes: 40720	-26.000,00	-18.000,00	-17.000,00	-6.000,00	-7.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	5.000,00	-13.000,00	-22.000,00	-25.000,00	-22.000,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-155.000,00	-132.000,00	-377.000,00	-442.000,00	-185.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	47.000,00	43.000,00	69.000,00	90.000,00	28.000,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	13.593.000,00	10.943.000,00	9.433.000,00	7.010.000,00	3.478.000,00
14. Financial income : 41400	368.000,00	308.000,00	388.000,00	117.000,00	219.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	368.000,00	308.000,00	388.000,00	117.000,00	219.000,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	368.000,00	308.000,00	388.000,00	117.000,00	219.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	0,00	-18.000,00	-53.000,00	-49.000,00	-61.000,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	0,00	-18.000,00	-53.000,00	-49.000,00	-61.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	7.000,00	17.000,00	-8.000,00	-52.000,00	-106.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-20.000,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	-20.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	375.000,00	287.000,00	327.000,00	16.000,00	52.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	13.968.000,00	11.230.000,00	9.760.000,00	7.026.000,00	3.530.000,00
20. Income taxes: 41900	-4.190.000,00	-3.369.000,00	-2.845.000,00	-1.991.000,00	-991.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	9.778.000,00	7.861.000,00	6.915.000,00	5.035.000,00	2.539.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	9.778.000,00	7.861.000,00	6.915.000,00	5.035.000,00	2.539.000,00

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

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

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	8.885.000,00	8.187.000,00	441.000,00	384.000,00	286.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	109.000,00	70.000,00	44.000,00	26.000,00	26.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	66.000,00	37.000,00	21.000,00	8.000,00	2.000,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	43.000,00	33.000,00	23.000,00	18.000,00	24.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	1.919.000,00	911.000,00	392.000,00	356.000,00	249.000,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	210.846,00	100.094,00	43.070,00	39.115,00	27.358,00
3. Other installations, tools and furniture:	1.243.683,00	590.409,00	254.051,00	230.720,00	161.374,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	464.471,00	220.497,00	94.879,00	86.166,00	60.268,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	6.857.000,00	7.206.000,00	5.000,00	2.000,00	11.000,00
1. Equity investments in group companies:	150.000,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.100.000,00	900.000,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	3.570.000,00	6.300.000,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	8.000,00
7. Long term guarantees and deposits:	2.037.000,00	6.000,00	5.000,00	2.000,00	3.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	35.240.000,00	27.987.000,00	28.047.000,00	22.081.000,00	15.332.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	5.061.000,00	5.340.000,00	4.719.000,00	3.906.000,00	3.832.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	1.927.000,00	2.423.000,00	2.226.000,00	1.956.000,00	2.086.000,00
3. Goods in process and semifinished ones:	2.908.000,00	2.601.000,00	2.263.000,00	1.840.000,00	1.639.000,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	176.000,00	298.000,00	187.000,00	86.000,00	106.000,00
6. Payments on account:	50.000,00	18.000,00	43.000,00	24.000,00	1.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	8.423.000,00	9.181.000,00	4.614.000,00	8.339.000,00	3.156.000,00
1. Trade debtors / accounts receivable:	6.983.000,00	7.920.000,00	4.124.000,00	6.874.000,00	2.894.000,00
2. Accounts receivable, Group companies:	0,00	0,00	0,00	0,00	0,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	13.000,00	13.000,00	12.000,00	0,00	7.000,00
5. Staff:	0,00	-5.000,00	0,00	0,00	1.000,00
6. Public bodies:	1.427.000,00	1.253.000,00	478.000,00	1.465.000,00	254.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	10.993.000,00	8.794.000,00	11.551.000,00	4.402.000,00	3.402.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	10.993.000,00	8.794.000,00	11.551.000,00	4.401.000,00	3.401.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	1.000,00	1.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	10.722.000,00	4.645.000,00	7.140.000,00	5.412.000,00	4.925.000,00
VII. Prepayments and accrued income:	41.000,00	27.000,00	23.000,00	22.000,00	17.000,00
GENERAL TOTAL (A + B + C + D):	44.125.000,00	36.174.000,00	28.488.000,00	22.465.000,00	15.618.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	29.291.000,00	21.513.000,00	14.852.000,00	9.138.000,00	5.902.000,00
I. Subscribed capital:	502.000,00	502.000,00	502.000,00	502.000,00	502.000,00
II. Share premium:	59.000,00	59.000,00	59.000,00	59.000,00	59.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	18.952.000,00	13.091.000,00	7.376.000,00	3.542.000,00	2.802.000,00
1. Legal reserve:	158.000,00	158.000,00	158.000,00	158.000,00	158.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	18.794.000,00	12.933.000,00	7.218.000,00	3.384.000,00	2.644.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	9.778.000,00	7.861.000,00	6.915.000,00	5.035.000,00	2.539.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	267.000,00	255.000,00	230.000,00	248.000,00	659.000,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	267.000,00	255.000,00	230.000,00	248.000,00	659.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	69.000,00	101.000,00	93.000,00	60.000,00	0,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	69.000,00	101.000,00	93.000,00	60.000,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	69.000,00	101.000,00	93.000,00	60.000,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	14.498.000,00	14.305.000,00	13.213.000,00	13.019.000,00	9.062.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	19.000,00	23.000,00	1.216.000,00	1.211.000,00	1.207.000,00
1. Loans and other liabilities:	19.000,00	23.000,00	1.216.000,00	1.211.000,00	1.207.000,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	12.757.000,00	12.355.000,00	10.407.000,00	10.444.000,00	7.244.000,00
1. Advanced payments from customers:	7.140.000,00	6.597.000,00	4.897.000,00	5.308.000,00	3.469.000,00
2. Amounts owed for purchases of goods or services:	5.617.000,00	5.758.000,00	5.510.000,00	5.136.000,00	3.775.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.722.000,00	1.927.000,00	1.590.000,00	1.364.000,00	611.000,00
1. Public bodies:	1.558.000,00	1.769.000,00	1.461.000,00	1.247.000,00	515.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	11.000,00	0,00	0,00	0,00
4. Wages and salaries payable:	164.000,00	147.000,00	129.000,00	117.000,00	96.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	-5.000,00
GENERAL TOTAL (A + B + C + D + E + F):	44.125.000,00	36.174.000,00	28.388.000,00	22.465.000,00	15.618.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	38.456.000,00	32.593.000,00	27.682.000,00	23.562.000,00	19.039.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	555.000,00
A.2. Supplies:	20.437.000,00	17.473.000,00	14.535.000,00	11.946.000,00	9.608.000,00
a) Stock consumption:	0,00	0,00	0,00	0,00	9.161.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	19.561.000,00	17.020.000,00	14.258.000,00	11.729.000,00	233.000,00
c) Miscellaneous external expenditure:	876.000,00	453.000,00	277.000,00	217.000,00	214.000,00
A.3. Staff costs:	7.494.000,00	6.652.000,00	5.402.000,00	4.648.000,00	3.927.000,00
a) Wages, salaries et al.:	6.005.000,00	5.344.000,00	4.348.000,00	3.708.000,00	3.162.000,00
b) Social security costs:	1.489.000,00	1.308.000,00	1.054.000,00	940.000,00	765.000,00
A.4. Depreciation expense:	155.000,00	132.000,00	377.000,00	442.000,00	185.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	294.000,00	145.000,00	199.000,00	242.000,00	22.000,00
a) Stock provision variation:	299.000,00	132.000,00	177.000,00	217.000,00	0,00
b) Variation in provision and bad debt losses:	-5.000,00	13.000,00	22.000,00	25.000,00	22.000,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	5.886.000,00	4.784.000,00	4.263.000,00	4.192.000,00	3.584.000,00
a) External services:	5.860.000,00	4.766.000,00	4.246.000,00	4.186.000,00	3.577.000,00
b) Taxes:	26.000,00	18.000,00	17.000,00	6.000,00	7.000,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	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):	13.546.000,00	10.900.000,00	9.364.000,00	6.920.000,00	3.450.000,00
A.7. Financial and similar charges:	0,00	18.000,00	53.000,00	49.000,00	61.000,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	18.000,00	53.000,00	49.000,00	61.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	20.000,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	8.000,00	52.000,00	106.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	375.000,00	287.000,00	327.000,00	16.000,00	52.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	13.921.000,00	11.187.000,00	9.691.000,00	6.936.000,00	3.502.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	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):	47.000,00	43.000,00	69.000,00	90.000,00	28.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	13.968.000,00	11.230.000,00	9.760.000,00	7.026.000,00	3.530.000,00
A.15. Corporation tax:	4.190.000,00	3.369.000,00	2.845.000,00	1.991.000,00	991.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	9.778.000,00	7.861.000,00	6.915.000,00	5.035.000,00	2.539.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	48.234.000,00	40.454.000,00	34.597.000,00	28.597.000,00	21.578.000,00
B.1. Net total sales:	47.562.000,00	39.498.000,00	33.424.000,00	28.186.000,00	21.327.000,00
a) Sales:	45.978.000,00	38.601.000,00	32.558.000,00	27.695.000,00	21.049.000,00
b) Rendering of services:	1.584.000,00	897.000,00	866.000,00	491.000,00	278.000,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	185.000,00	550.000,00	424.000,00	182.000,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	65.000,00	38.000,00	292.000,00	22.000,00	4.000,00
a) Auxiliary income and other from current management:	65.000,00	38.000,00	292.000,00	22.000,00	4.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	368.000,00	308.000,00	388.000,00	117.000,00	219.000,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	368.000,00	308.000,00	388.000,00	117.000,00	219.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	7.000,00	17.000,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	47.000,00	43.000,00	69.000,00	90.000,00	28.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

~'This company is not active, since it has been more than 6 years without entering any registration in the Companies House~'	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	13.698.000,00	11.230.000,00	9.760.000,00	7.026.000,00	3.530.000,00
2. Results adjustments.: 61200	143.000,00	-162.000,00	71.000,00	451.000,00	265.000,00
a) Fixed Assets Amortization (+).: 61201	155.000,00	132.000,00	377.000,00	422.000,00	185.000,00
b) Obsolescence Allowances (+/-). : 61202	-5.000,00	13.000,00	22.000,00	25.000,00	22.000,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	0,00	58.000,00
g) Financial income (-).: 61207	-268.000,00	-308.000,00	-388.000,00	-117.000,00	0,00
h) Financial Expenses (+). : 61208	0,00	18.000,00	52.000,00	49.000,00	0,00
i) Exchange differences (+/-). : 61209	-7.000,00	-17.000,00	8.000,00	52.000,00	0,00
3. Changes in current capital equity.: 61300	-1.569.000,00	-3.233.000,00	2.984.000,00	-1.792.000,00	-1.552.000,00
a) Stock (+/-).: 61301	279.000,00	-721.000,00	-713.000,00	-74.000,00	310.000,00
d) Debtors and other accounts receivable (+/-). : 61302	-2.054.000,00	-4.563.000,00	3.695.000,00	-5.260.000,00	-1.204.000,00
c) Other current assets (+/-). : 61303	-14.000,00	-4.000,00	-1.000,00	-5.000,00	-1.650.000,00
d) Creditors and other accounts payable (+/-). : 61304	208.000,00	2.020.000,00	21.000,00	3.953.000,00	1.046.000,00
e) Other current liabilities (+/-).: 61305	0,00	35.000,00	0,00	5.000,00	-54.000,00
f) Other non-current assets and liabilities (+/-).: 61306	12.000,00	0,00	-18.000,00	-411.000,00	0,00
4. Other cash flows for operating activities.: 61400	-1.030.000,00	-2.817.000,00	-2.309.000,00	-1.863.000,00	0,00
a) Interest payments (-). : 61401	0,00	-18.000,00	-52.000,00	-49.000,00	0,00
c) Interest collection (+). : 61403	368.000,00	308.000,00	388.000,00	117.000,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	-1.398.000,00	-3.107.000,00	-2.645.000,00	-1.931.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	11.144.000,00	5.018.000,00	10.506.000,00	3.822.000,00	2.243.000,00
6. Payments for investment (-).: 62100	-3.052.000,00	-5.121.000,00	-11.983.000,00	-1.549.000,00	-124.000,00
a) Companies of the group and affiliates. : 62101	-350.000,00	-900.000,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-58.000,00	-39.000,00	-275.000,00	-310.000,00	-88.000,00
c) Fixed assets. : 62103	-1.144.000,00	-638.000,00	-156.000,00	-239.000,00	-35.000,00
e) Other financial assets. : 62105	-1.500.000,00	-3.544.000,00	-11.552.000,00	-1.000.000,00	-1.000,00
7. Divestment payment collection (+). : 62200	0,00	0,00	4.400.000,00	9.000,00	7.000,00
e) Other financial assets. : 62205	0,00	0,00	4.400.000,00	9.000,00	7.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-3.052.000,00	-5.121.000,00	-7.583.000,00	-1.540.000,00	-117.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-15.000,00	-1.192.000,00	5.000,00	4.000,00	0,00
a) Issuance : 63201	0,00	24.000,00	5.000,00	4.000,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	24.000,00	5.000,00	4.000,00	0,00
b) Repayment and amortization of : 63207	-15.000,00	-1.216.000,00	0,00	0,00	0,00
2. Debts incurred with credit institutions (-).: 63209	-15.000,00	-1.216.000,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-2.000.000,00	-1.200.000,00	-1.200.000,00	-1.799.000,00	-600.000,00
a) Dividends (-).: 63301	-2.000.000,00	-1.200.000,00	-1.200.000,00	-1.799.000,00	-600.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-2.015.000,00	-2.392.000,00	-1.195.000,00	-1.795.000,00	-600.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	6.077.000,00	-2.495.000,00	1.728.000,00	487.000,00	1.526.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	4.645.000,00	7.140.000,00	5.412.000,00	4.925.000,00	3.399.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	10.722.000,00	4.645.000,00	7.140.000,00	5.412.000,00	4.925.000,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,13 %	0,01 %	-0,06 %	0,00 %	302,27 %
EBITDA over Sales:	28,81 %	9,28 %	27,93 %	10,08 %	3,14 %	-7,98 %
Cash Flow Yield:	0,14 %	0,00 %	-0,07 %	0,00 %	299,68 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	51,73 %	5,30 %	54,24 %	6,94 %	-4,63 %	-23,73 %
Total economic profitability:	31,66 %	2,53 %	31,09 %	4,14 %	1,81 %	-38,82 %
Financial profitability:	33,38 %	1,41 %	36,54 %	5,81 %	-8,64 %	-75,67 %
Margin:	28,54 %	4,89 %	27,68 %	6,37 %	3,11 %	-23,29 %
Mark-up:	29,33 %	1,68 %	28,40 %	4,72 %	3,25 %	-64,51 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,74	0,12	0,32	0,11	127,76	10,01
Acid Test:	2,08	0,85	1,58	0,83	31,46	2,68
Working Capital / Investment:	0,47	0,03	0,38	0,03	24,28	7,08
Solvency:	2,43	1,18	1,96	1,16	24,24	1,13

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,49	1,63	0,66	1,67	-25,53	-2,14
Borrowing Composition:	0,00	1,03	0,01	1,06	-32,59	-2,14
Repayment Ability:	2,40	159,65	-5,77	849,31	141,52	-81,20
Warranty:	3,03	1,62	2,51	1,61	20,63	0,85
Generated resources / Total creditors:	0,70	0,07	0,57	0,07	24,23	-3,06

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,83	1,73	2,66	1,75	6,39	-1,34
Turnover of Collection Rights :	5,65	4,82	4,31	4,48	31,31	7,57
Turnover of Payment Entitlements:	1,85	3,52	1,61	3,26	15,10	7,87
Stock rotation:	6,73	6,60	5,36	6,04	25,58	9,29
Assets turnover:	1,81	1,08	1,96	1,09	-7,51	-0,56
Borrowing Cost:	0,00	2,95	0,12	2,92	-100,00	0,95

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

Cash Flow	2012	2011	2010	2009	2008
Cash Flow over Sales:	0,13 %	-0,06 %	0,05 %	1,73 %	7,16 %
EBITDA over Sales:	28,81 %	27,93 %	29,14 %	26,12 %	17,04 %
Cash Flow Yield:	0,14 %	-0,07 %	0,06 %	2,17 %	9,77 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	51,73 %	54,24 %	56,04 %	38,81 %	28,50 %
Total economic profitability:	31,66 %	31,09 %	34,57 %	31,49 %	22,99 %
Financial profitability:	33,38 %	36,54 %	46,56 %	55,10 %	43,02 %
Margin:	28,54 %	27,68 %	27,98 %	24,85 %	16,30 %
Mark-up:	29,33 %	28,40 %	28,95 %	24,91 %	0,24 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,74	0,32	0,54	0,42	0,54
Acid Test:	2,08	1,58	1,76	1,39	1,27
Working Capital / Investment:	0,47	0,38	0,52	0,40	0,40
Solvency:	2,43	1,96	2,12	1,70	1,69

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	0,49	0,66	0,88	1,39	1,38
Borrowing Composition:	0,00	0,01	0,01	0,00	0,00
Repayment Ability:	2,40	-5,77	7,70	1,75	5,84
Warranty:	3,03	2,51	2,13	1,72	1,72
Generated resources / Total creditors:	0,70	0,57	0,56	0,44	0,30

Efficiency	2012	2011	2010	2009	2008
Productivity:	2,83	2,66	2,80	2,58	1,93
Turnover of Collection Rights :	5,65	4,31	7,31	3,38	6,76
Turnover of Payment Entitlements:	1,85	1,61	1,62	1,40	1,61
Stock rotation:	6,73	5,36	5,27	5,45	4,67
Assets turnover:	1,81	1,96	2,00	1,56	1,75
Borrowing Cost:	0,00	0,12	0,40	0,37	0,67

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

LAS PROVINCIAS	21/05/2013
Mespack invierte en I+D
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The company is engaged in the manufacture of horizontal packaging machinery, mainly in sectors such as food, pharmaceuticals and cosmetics. Its evolution is correct. Its turnover in 2012 increased 20% comparing to the previous 2011

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIT

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%)

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