MIRA INFORM REPORT

Report No. :	315392
Report Date :	07.04.2015

IDENTIFICATION DETAILS

Name :	JOSE GOMEZ BENET SA

Registered Office :	C/ Vic, 15. - Sant Cugat Del Valles - 08190 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	29.04.1975

Legal Form :	Public Company

Line of Business :	Manufacture of Articles of Fur

No. of Employees :	Not Available

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 :	Slow but correct

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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:

JOSE GOMEZ BENET SA

NIF / Fiscal code:

A08376931

Status:

ACTIVE

Incorporation Date:

29/04/1975

Register Data

Last Publication in BORME:

05/11/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

610.027

Localization:

C/ VIC, 15. - SANT CUGAT DEL VALLES - 08190 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 933 232 600

Email. comercial@goes.es

Website. www.goes.es

Activity:

NACE:

1420 - Manufacture of articles of fur

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ANNA MARIA GOMEZ ESCUER

6.75 %

FRANCISCO JAVIER GOMEZ ESCUER

9.75 %

JOSE GOMEZ BENET

64 %

MARIA JOSE GOMEZ ESCUER

6.75 %

YOLANDA GOMEZ ESCUER

12.75 %

Identification

Social Denomination:

JOSE GOMEZ BENET SA

NIF / Fiscal code:

A08376931

Corporate Status:

ACTIVE

Start of activity:

1968

Registered Office:

C/ VIC, 15.

Locality:

SANT CUGAT DEL VALLES

Province:

BARCELONA

Postal Code:

08190

Telephone:

933 232 600

Fax:

933 236 307

Website:

www.goes.es

Email:

comercial@goes.es

Activity

NACE:

1420

Additional Information:

It is engaged to the design, manufacture, marketing of clothing and accessories. Business Name: GOES. - Additional Address: C/ VIC, 15 08190 SANT CUGAT DEL VALLES ( BARCELONA ), registered office, design center, retail outlet, office, warehouse, facilities of over 5000 m2 and property.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989) Appointments/ Re-elections (1)

1991

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

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Change of Social Purpose (1)

1993

Accounts deposit (ejer. 1992, 1993) Appointments/ Re-elections (1) Statutory Modifications (2)

1994

Accounts deposit (ejer. 1994)

1995

Appointments/ Re-elections (2)

1996

Accounts deposit (ejer. 1995, 1996)

1997

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

1998

Accounts deposit (ejer. 1997) Board Meeting (1)

1999

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

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (1) Board Meeting (1)

2001

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

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (ejer. 2002, 2003) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2004

Appointments/ Re-elections (2) Board Meeting (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2006

Board Meeting (1)

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (2) Board Meeting (1)

2008

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

2009

Accounts deposit (ejer. 2007, 2008) Appointments/ Re-elections (1) Board Meeting (1)

2010

Accounts deposit (ejer. 2009) Board Meeting (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2013

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

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:	610.027
Paid up capital:	610.027

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

GOMEZ BENET JOSE

12/07/2013

PRESIDENT OF THE EXECUTIVE COMM.

GOMEZ BENET JOSE

17/04/1999

MEMBER OF THE BOARD

GOMEZ BENET JOSE

12/07/2013

GOMEZ ESCUER MARIA JOSE

12/07/2013

GOMEZ ESCUER YOLANDA

12/07/2013

GOMEZ ESCUER ANA MARIA

12/07/2013

COMBINED CHIEF EXECUTIVE OFFICER

GOMEZ ESCUER YOLANDA

05/12/2003

PROXY

GOMEZ BENET JOSE

05/12/2003

GOMEZ ESCUER ANA MARIA

04/03/1997

GOMEZ ESCUER YOLANDA

04/03/1997

GOMEZ ESCUER MARIA JOSE

04/03/1997

GOMEZ ESCUER JAVIER

27/02/1993

CHIEF EXECUTIVE OFFICER

GOMEZ ESCUER YOLANDA

12/07/2013

GOMEZ ESCUER MARIA JOSE

05/12/2003

NON CONSELLOR SECRETARY

PUIG PEREZ JUAN

12/07/2013

ACCOUNTS' AUDITOR / HOLDER

MASSO AGUILO JOSEP MARIA

29/10/2014

DEPUTY ACCOUNTS' AUDITOR

ANEFISA SL

29/10/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this

Company

ALBERTI ALBERTI JUAN MARIA

DEPUTY ACCOUNTS' AUDITOR

17/04/1999

ANEFISA SL

DEPUTY ACCOUNTS' AUDITOR

29/10/2014

ARFA OLIVER SL

ACCOUNTS' AUDITOR / HOLDER

09/02/2012

DEOP MARTINEZ JAIME

DEPUTY ACCOUNTS' AUDITOR

15/12/1999

DEPUTY ACCOUNTS' AUDITOR

09/12/2000

DEPUTY ACCOUNTS' AUDITOR

15/01/2002

DEPUTY ACCOUNTS' AUDITOR

03/12/2002

DEPUTY ACCOUNTS' AUDITOR

05/01/2004

DEPUTY ACCOUNTS' AUDITOR

29/07/2004

DEPUTY ACCOUNTS' AUDITOR

19/10/2005

DEPUTY ACCOUNTS' AUDITOR

09/11/2009

DEPUTY ACCOUNTS' AUDITOR

11/04/2011

DEPUTY ACCOUNTS' AUDITOR

16/12/2008

DEPUTY ACCOUNTS' AUDITOR

24/01/2007

DEPUTY ACCOUNTS' AUDITOR

26/10/2007

GOMEZ BENET JOSE

ADMINISTRATOR

04/04/1995

ADMINISTRATOR

17/04/1999

MEMBER OF THE BOARD

05/12/2003

MEMBER OF THE BOARD

01/12/2008

MEMBER OF THE BOARD

12/07/2013

PROXY

05/12/2003

PRESIDENT

01/12/2008

PRESIDENT

12/07/2013

GOMEZ ESCUER ANA MARIA

PROXY

04/03/1997

MEMBER OF THE BOARD

12/07/2013

GOMEZ ESCUER FRANCISCO JAVIER

PROXY

04/03/1997

PROXY

11/03/2003

GOMEZ ESCUER MARIA JOSE

PROXY

04/03/1997

MEMBER OF THE BOARD

12/07/2013

MEMBER OF THE BOARD

05/12/2003

COMBINED CHIEF EXECUTIVE OFFICER

01/12/2008

MEMBER OF THE BOARD

01/12/2008

GOMEZ ESCUER YOLANDA

MEMBER OF THE BOARD

05/12/2003

MEMBER OF THE BOARD

01/12/2008

CHIEF EXECUTIVE OFFICER

01/12/2008

MEMBER OF THE BOARD

12/07/2013

CHIEF EXECUTIVE OFFICER

12/07/2013

PROXY

04/03/1997

MASSO AGUILO JOSEP MARIA

ACCOUNTS' AUDITOR / HOLDER

29/10/2014

MURCIA CALATRAVA EDUARDO

ACCOUNTS' AUDITOR / HOLDER

17/04/1999

ACCOUNTS' AUDITOR / HOLDER

15/12/1999

ACCOUNTS' AUDITOR / HOLDER

09/12/2000

ACCOUNTS' AUDITOR / HOLDER

15/01/2002

ACCOUNTS' AUDITOR / HOLDER

16/12/2008

ACCOUNTS' AUDITOR / HOLDER

09/11/2009

ACCOUNTS' AUDITOR / HOLDER

11/04/2011

ACCOUNTS' AUDITOR / HOLDER

05/01/2004

ACCOUNTS' AUDITOR / HOLDER

29/07/2004

ACCOUNTS' AUDITOR / HOLDER

19/10/2005

ACCOUNTS' AUDITOR / HOLDER

24/01/2007

ACCOUNTS' AUDITOR / HOLDER

26/10/2007

ACCOUNTS' AUDITOR / HOLDER

03/12/2002

PEREZ GERMAN JUAN

MEMBER OF THE BOARD

07/03/2002

PUIG PEREZ JUAN

NON CONSELLOR SECRETARY

01/12/2008

MEMBER OF THE BOARD

26/09/2005

SECRETARY

26/09/2005

SECRETARY

05/12/2003

MEMBER OF THE BOARD

05/12/2003

NON CONSELLOR SECRETARY

12/07/2013

RUIZ ALTISENT JOSE MARIA

MEMBER OF THE BOARD

05/12/2003

MEMBER OF THE BOARD

26/09/2005

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		JORGE ESTEBEN
MANAGING DIRECTOR		YOLANDA GOMEZ

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 43.96of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

It has financial profitability.. JOSE GOMEZ BENET SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

JOSE GOMEZ BENET SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

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.

Revision of the scoring derived from the review of the entity's available information.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.051 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

142 Manufacture of articles of fur

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 62.00% of the companies of the sector JOSE GOMEZ BENET SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.051%.

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

IS RELATED WITH:	3 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	5 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ANNA MARIA GOMEZ ESCUER

6.75

FRANCISCO JAVIER GOMEZ ESCUER

9.75

JOSE GOMEZ BENET

MARIA JOSE GOMEZ ESCUER

6.75

YOLANDA GOMEZ ESCUER

12.75

PARTICIPATES IN

IN AUGE SA

BARCELONA

99.86

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	LUZIO 2006 SL	BARCELONA
	LAPONIA EXPORTS, S.L.
	ADUANAS GINJAUME SA	BARCELONA

Turnover

Total Sales 2014

11.725.000

The sales data is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

December 2014

2012

Normales

September 2013

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

October 2009

2007

Normales

December 2008

2006

Normales

July 2007

2005

Normales

January 2007

2004

Normales

September 2005

2003

Normales

October 2003

2003

Normales

July 2004

2002

Normales

January 2003

2001

Normales

January 2002

2000

Normales

December 2000

1999

Normales

December 1999

1998

Normales

May 1999

1997

Normales

November 1997

1996

Normales

October 1996

1995

Normales

September 1996

1994

Normales

October 1994

1993

Normales

November 1993

1992

Normales

June 1993

1991

Normales

July 1992

1990

Normales

October 1991

1989

Normales

July 1990

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

> Balance en formato Mixto 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. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

3.327.612,00

3.678.133,00

3.872.114,00

3.977.882,00

4.188.623,00

I. Intangible fixed assets : 11100

5.053,00

10.185,00

15.695,00

14.622,00

44.558,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

15.446,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

5.053,00

10.185,00

15.695,00

14.622,00

29.112,00

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

3.312.558,00

3.398.013,00

3.557.083,00

3.725.556,00

3.937.914,00

1. Land and buildings: 11210

3.178.897,00

3.282.730,00

3.386.563,00

3.490.396,00

3.586.186,00

2. Technical installations and other tangible fixed assets: 11220

133.661,00

115.284,00

170.521,00

235.160,00

351.728,00

3. Tangible asset in progress and advances: 11230

0,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

10.000,00

269.934,00

299.336,00

237.704,00

206.152,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

10.000,00

259.934,00

189.336,00

137.704,00

106.152,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

0,00

10.000,00

110.000,00

100.000,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

11.550.086,00

9.449.003,00

8.145.452,00

8.092.719,00

10.832.956,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

6.076.835,00

4.793.041,00

4.647.754,00

4.530.710,00

6.112.050,00

1. Commercial: 12210

5.183.400,00

3.889.874,00

3.585.628,00

3.402.070,00

4.713.356,00

2. Primary material and other supplies: 12220

893.434,00

903.167,00

1.061.450,00

1.053.781,00

1.394.174,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

676,00

74.859,00

4.519,00

III. Trade debtors and others receivable accounts: 12300

4.225.233,00

4.057.539,00

2.778.151,00

2.808.577,00

4.545.198,00

1. Trade debtors / accounts receivable: 12310

3.622.336,00

3.945.164,00

2.569.744,00

2.735.923,00

4.321.034,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.622.336,00

3.945.164,00

2.569.744,00

2.735.923,00

0,00

2. Customers, Group companies and associates : 12320

0,00

2.971,00

0,00

3. Other accounts receivable: 12330

0,00

450,00

105.062,00

0,00

4. Personnel: 12340

0,00

270,00

56.147,00

5. Assets for deferred tax: 12350

602.897,00

14.057,00

0,00

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

0,00

97.868,00

103.345,00

69.413,00

168.017,00

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

539.848,00

68.050,00

0,00

38.750,00

1.200,00

1. Equity instruments: 12510

373.984,00

0,00

2. Credits to businesses: 12520

36.850,00

0,00

36.850,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

129.014,00

31.200,00

0,00

1.200,00

6. Other investments: 12560

0,00

1.900,00

0,00

VI. Short-term accruals: 12600

79.759,00

-6.175,00

139.376,00

43.301,00

0,00

VII. Cash and other equivalent liquid assets : 12700

628.411,00

536.549,00

580.170,00

671.381,00

174.508,00

1. Treasury: 12710

628.411,00

536.549,00

580.170,00

671.381,00

174.508,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

14.877.698,00

13.127.136,00

12.017.566,00

12.070.601,00

15.021.579,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

7.150.045,00

7.055.215,00

7.135.259,00

7.062.464,00

8.706.773,00

A-1) Shareholders' equity: 21000

7.150.045,00

7.055.215,00

7.135.259,00

7.062.464,00

8.706.773,00

I. Capital: 21100

610.027,00

1. Registered capital : 21110

610.027,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

6.445.187,00

6.525.231,00

6.452.437,00

6.433.223,00

7.962.546,00

1. Legal y estatutarias: 21310

122.005,00

2. Other reserves: 21320

6.323.182,00

6.403.226,00

6.330.431,00

6.311.218,00

7.840.541,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

94.830,00

-80.044,00

72.795,00

19.214,00

134.200,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

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

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

6.540.513,00

4.916.066,00

3.644.311,00

3.640.424,00

4.672.626,00

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

2.560.009,00

2.424.405,00

1.772.438,00

2.316.632,00

2.175.073,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.560.009,00

2.424.405,00

1.772.438,00

2.316.632,00

2.177.397,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

-2.324,00

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

0,00

V. Trade creditors and other accounts payable: 32500

3.980.504,00

2.491.661,00

1.871.874,00

1.323.792,00

2.497.553,00

1. Suppliers: 32510

2.909.130,00

2.385.617,00

1.743.178,00

798.423,00

2.305.895,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.909.130,00

2.385.617,00

1.743.178,00

798.423,00

0,00

2. Suppliers, Group companies and associates: 32520

0,00

430.486,00

0,00

3. Other creditors: 32530

941.742,00

0,00

4. Personnel (remuneration due): 32540

39.747,00

36.416,00

34.926,00

0,00

5. Liabilities for current tax: 32550

0,00

93.769,00

8.632,00

0,00

6. Other accounts payable to Public Administrations.: 32560

89.885,00

69.628,00

0,00

51.325,00

191.658,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

14.877.698,00

13.127.136,00

12.017.566,00

12.070.601,00

15.021.579,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

11.654.658,00

11.500.897,00

12.716.684,00

11.965.272,00

12.873.126,00

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

1.283.794,00

145.963,00

191.227,00

11.844,00

-202.431,00

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

0,00

4. Supplies : 40400

-9.638.322,00

-9.005.770,00

-9.918.458,00

-9.182.854,00

-9.821.069,00

5. Other operating income: 40500

1.920,00

20.255,00

0,00

33.019,00

161.530,00

6. Personnel costs: 40600

-1.698.913,00

-1.558.546,00

-1.518.952,00

-1.557.033,00

-1.440.830,00

7. Other operating costs: 40700

-1.216.175,00

-885.133,00

-885.370,00

-869.130,00

-875.631,00

8. Amortisation of fixed assets: 40800

-151.523,00

-170.264,00

-187.478,00

-229.018,00

-194.325,00

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

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-3.380,00

0,00

-87.798,00

11.407,00

0,00

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

232.058,00

47.403,00

309.855,00

183.507,00

500.371,00

14. Financial income : 41400

115.544,00

17.659,00

7.976,00

33.770,00

8.529,00

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

0,00

b) Other financial income: 41490

115.544,00

17.659,00

7.976,00

33.770,00

8.529,00

15. Financial expenditure: 41500

-213.552,00

-184.660,00

-165.797,00

-214.236,00

-181.985,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-32.883,00

70.386,00

-46.355,00

25.030,00

-135.201,00

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

0,00

-30.832,00

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-130.891,00

-127.447,00

-204.176,00

-155.436,00

-308.657,00

C) NET RESULT BEFORE TAXES (A + B) : 49300

101.168,00

-80.044,00

105.679,00

28.072,00

191.714,00

20. Income taxes: 41900

-6.337,00

0,00

-32.884,00

-8.858,00

-57.514,00

D) RESULT OF THE PERIOD (C + 20) : 49500

94.830,00

-80.044,00

72.795,00

19.214,00

134.200,00

> 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. 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:

3.327.612,00

3.678.133,00

3.872.114,00

3.977.882,00

4.188.623,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

5.053,00

10.185,00

15.695,00

14.622,00

44.558,00

1. Research and development costs:

0,00

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

0,00

15.446,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

5.053,00

10.185,00

15.695,00

14.622,00

29.112,00

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:

3.312.558,00

3.398.013,00

3.557.083,00

3.725.556,00

3.937.914,00

1. Land and construction:

3.178.897,00

3.282.730,00

3.386.563,00

3.490.396,00

3.586.186,00

2. Technical installations and machinery:

57.472,00

49.570,00

73.321,00

101.115,00

151.237,00

3. Other installations, tools and furniture:

32.791,00

28.283,00

41.834,00

57.692,00

86.290,00

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

0,00

5. Other tangible assets:

43.398,00

37.431,00

55.365,00

76.353,00

114.201,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

10.000,00

269.934,00

299.336,00

237.704,00

206.152,00

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:

10.000,00

259.934,00

189.336,00

137.704,00

106.152,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

0,00

10.000,00

110.000,00

100.000,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

11.550.086,00

9.449.003,00

8.145.452,00

8.092.719,00

10.832.956,00

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

0,00

II. Stocks:

6.076.835,00

4.793.041,00

4.647.754,00

4.530.710,00

6.112.050,00

1. Goods for resale:

5.183.400,00

3.889.874,00

3.585.628,00

3.402.070,00

4.713.356,00

2. Raw materials and other consumables:

893.434,00

903.167,00

1.061.450,00

1.053.781,00

1.394.174,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

676,00

74.859,00

4.519,00

7. Provisions:

0,00

III. Debtors:

4.225.233,00

4.057.539,00

2.778.151,00

2.808.577,00

4.545.198,00

1. Trade debtors / accounts receivable:

3.622.336,00

3.945.164,00

2.569.744,00

2.735.923,00

4.321.034,00

2. Accounts receivable, Group companies:

0,00

2.971,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

450,00

105.062,00

0,00

5. Staff:

0,00

270,00

56.147,00

6. Public bodies:

602.897,00

111.925,00

103.345,00

69.413,00

168.017,00

7. Provisions:

0,00

IV. Short-term investments:

539.848,00

68.050,00

0,00

38.750,00

1.200,00

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:

373.984,00

0,00

6. Other receivables:

36.850,00

0,00

38.750,00

0,00

7. Shor term guarantees and deposits:

129.014,00

31.200,00

0,00

1.200,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

628.411,00

536.549,00

580.170,00

671.381,00

174.508,00

VII. Prepayments and accrued income:

79.759,00

-6.175,00

139.376,00

43.301,00

0,00

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

14.877.698,00

13.127.136,00

12.017.566,00

12.070.601,00

15.021.579,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

7.150.045,00

7.055.215,00

7.135.259,00

7.062.464,00

8.706.773,00

I. Subscribed capital:

610.027,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

6.445.187,00

6.525.231,00

6.452.437,00

6.433.223,00

7.962.546,00

1. Legal reserve:

122.005,00

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:

6.323.182,00

6.403.226,00

6.330.431,00

6.311.218,00

7.840.541,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

94.830,00

-80.044,00

72.795,00

19.214,00

134.200,00

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:

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

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:

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

1. Loans and other liabilities:

1.187.139,00

1.155.856,00

1.237.996,00

1.367.713,00

1.642.180,00

2. Long-term liabilities from capital leases:

0,00

III. Debts with companies of the group and affiliated ones:

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

6.540.513,00

4.916.066,00

3.644.311,00

3.640.424,00

4.672.626,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

2.560.009,00

2.424.405,00

1.772.438,00

2.316.632,00

2.177.397,00

1. Loans and other liabilities:

2.560.009,00

2.424.405,00

1.772.438,00

2.316.632,00

2.177.397,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

430.486,00

0,00

1. Amounts owed to group companies:

0,00

430.486,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

3.850.871,00

2.385.617,00

1.743.178,00

798.423,00

2.305.895,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

3.850.871,00

2.385.617,00

1.743.178,00

798.423,00

2.305.895,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

129.633,00

106.044,00

128.696,00

94.883,00

189.334,00

1. Public bodies:

89.885,00

69.628,00

93.769,00

59.957,00

191.658,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

-2.324,00

4. Wages and salaries payable:

39.747,00

36.416,00

34.926,00

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):

14.877.698,00

13.127.136,00

12.017.566,00

12.070.601,00

15.021.579,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

12.961.085,00

11.835.205,00

12.843.092,00

12.061.128,00

12.908.985,00

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

0,00

202.431,00

A.2. Supplies:

9.638.322,00

9.005.770,00

9.918.458,00

9.182.854,00

9.821.069,00

a) Stock consumption:

9.318.052,00

8.706.519,00

9.588.880,00

8.877.719,00

9.494.726,00

b) Consumption of raw materials and miscellaneous consumable ones:

145.460,00

135.914,00

149.688,00

138.586,00

148.218,00

c) Miscellaneous external expenditure:

174.810,00

163.337,00

179.891,00

166.549,00

178.124,00

A.3. Staff costs:

1.698.913,00

1.558.546,00

1.518.952,00

1.557.033,00

1.440.830,00

a) Wages, salaries et al.:

1.338.780,00

1.228.167,00

1.196.966,00

1.226.975,00

1.135.405,00

b) Social security costs:

360.134,00

330.379,00

321.986,00

330.058,00

305.425,00

A.4. Depreciation expense:

151.523,00

170.264,00

187.478,00

229.018,00

194.325,00

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

-3.251,00

-2.366,00

-2.367,00

-2.324,00

-2.341,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

-3.251,00

-2.366,00

-2.367,00

-2.324,00

-2.341,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.219.426,00

887.499,00

887.737,00

871.453,00

877.972,00

a) External services:

1.161.355,00

845.235,00

845.461,00

829.953,00

836.161,00

b) Taxes:

30.709,00

22.350,00

22.356,00

21.946,00

22.110,00

c) Other operating expenses:

27.363,00

19.915,00

19.920,00

19.555,00

19.701,00

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):

235.438,00

47.403,00

397.653,00

172.101,00

500.371,00

A.7. Financial and similar charges:

213.552,00

184.660,00

165.797,00

214.236,00

181.985,00

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.:

213.552,00

184.660,00

165.797,00

214.236,00

181.985,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

30.832,00

0,00

A.9. Exchange losses:

32.883,00

0,00

46.355,00

0,00

135.201,00

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

0,00

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

104.548,00

0,00

193.477,00

16.665,00

191.714,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

3.380,00

0,00

87.798,00

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):

0,00

11.407,00

0,00

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

101.168,00

0,00

105.679,00

28.072,00

191.714,00

A.15. Corporation tax:

6.337,00

0,00

32.884,00

8.858,00

57.514,00

A.16. Miscellaneous taxes:

0,00

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

94.830,00

0,00

72.795,00

19.214,00

134.200,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

13.055.916,00

11.755.161,00

12.915.887,00

12.080.342,00

13.043.185,00

B.1. Net total sales:

11.654.658,00

11.500.897,00

12.716.684,00

11.965.272,00

12.873.126,00

a) Sales:

11.654.658,00

11.500.897,00

12.716.684,00

11.965.272,00

12.873.126,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

0,00

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

1.283.794,00

145.963,00

191.227,00

11.844,00

0,00

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

0,00

B.4. Miscellaneous operating income:

1.920,00

20.255,00

0,00

33.019,00

161.530,00

a) Auxiliary income and other from current management:

1.920,00

20.255,00

0,00

33.019,00

161.530,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

115.544,00

17.659,00

7.976,00

33.770,00

8.529,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

115.544,00

17.659,00

7.976,00

33.770,00

8.529,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

70.386,00

0,00

25.030,00

0,00

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

130.891,00

127.447,00

204.176,00

155.436,00

308.657,00

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

0,00

80.044,00

0,00

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

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:

0,00

11.407,00

0,00

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

0,00

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

3.380,00

0,00

87.798,00

0,00

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

0,00

80.044,00

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

0,00

80.044,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

101.168,00

-80.044,00

105.679,00

28.072,00

191.714,00

2. Results adjustments.: 61200

282.414,00

297.710,00

391.654,00

398.842,00

64.475,00

a) Fixed Assets Amortization (+).: 61201

151.523,00

170.264,00

187.478,00

229.018,00

194.325,00

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

0,00

30.832,00

0,00

g) Financial income (-).: 61207

-115.544,00

-17.659,00

-7.976,00

-33.770,00

-145.335,00

h) Financial Expenses (+). : 61208

213.552,00

184.660,00

165.797,00

214.236,00

20.484,00

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

0,00

-16.128,00

0,00

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

0,00

5.487,00

0,00

3. Changes in current capital equity.: 61300

-384.772,00

-75.418,00

-140.057,00

315.792,00

1.649.315,00

a) Stock (+/-).: 61301

-1.283.794,00

-145.963,00

-191.227,00

-82.184,00

250.309,00

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

-247.454,00

-1.139.335,00

39.310,00

1.615.444,00

1.366.450,00

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

135.604,00

0,00

-544.194,00

-37.550,00

0,00

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

1.482.668,00

1.277.929,00

556.054,00

-1.179.919,00

32.556,00

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

-471.798,00

-68.050,00

0,00

4. Other cash flows for operating activities.: 61400

-104.345,00

-96.615,00

-237.061,00

-180.466,00

-39.427,00

a) Interest payments (-). : 61401

-213.552,00

-184.660,00

-165.797,00

-214.236,00

0,00

c) Interest collection (+). : 61403

115.544,00

17.659,00

7.976,00

33.770,00

0,00

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

-6.337,00

0,00

-32.884,00

0,00

-39.427,00

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

0,00

70.386,00

-46.355,00

0,00

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

-105.536,00

45.633,00

120.216,00

562.240,00

1.826.076,00

6. Payments for investment (-).: 62100

-60.936,00

-7.115,00

-81.709,00

0,00

-13.203,00

b) Intangible fixed assets. : 62102

0,00

-748,00

-6.509,00

0,00

-676,00

c) Fixed assets. : 62103

-60.936,00

-4.936,00

-13.569,00

0,00

-12.527,00

e) Other financial assets. : 62105

0,00

-1.431,00

-61.632,00

0,00

7. Divestment payment collection (+). : 62200

259.934,00

0,00

10.926,00

72.994,00

b) Intangible fixed assets. : 62202

0,00

1.545,00

0,00

c) Fixed assets. : 62203

0,00

9.381,00

0,00

e) Other financial assets. : 62205

259.934,00

0,00

72.994,00

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

47.475,00

-177.378,00

-269.187,00

10.926,00

59.791,00

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

0,00

66.692,00

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

31.283,00

-82.140,00

-129.717,00

-92.420,00

-2.108.634,00

a) Issuance : 63201

0,00

-129.717,00

31.553,00

-82.640,00

1. Debentures and other negotiable securities (+). : 63202

0,00

31.553,00

0,00

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

0,00

-129.717,00

0,00

5. Other debts (+). : 63206

0,00

-82.640,00

b) Repayment and amortization of : 63207

31.283,00

-82.140,00

0,00

-123.973,00

-2.025.994,00

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

31.283,00

-82.140,00

0,00

-123.973,00

-2.023.670,00

5. Other debts (-). : 63212

0,00

-2.324,00

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

0,00

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

31.283,00

-82.140,00

-129.717,00

-92.420,00

-2.041.942,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-32.883,00

0,00

16.128,00

0,00

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

91.863,00

-43.622,00

-91.211,00

496.874,00

-156.075,00

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

536.549,00

580.170,00

671.381,00

174.508,00

330.582,00

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

628.411,00

536.549,00

580.170,00

671.381,00

174.507,00

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:

0,01 %

0,00 %

EBITDA over Sales:

3,32 %

6,85 %

1,89 %

5,90 %

75,43 %

16,21 %

Cash Flow Yield:

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,64 %

4,72 %

0,37 %

2,29 %

343,34 %

106,38 %

Total economic profitability:

2,12 %

4,47 %

0,80 %

1,92 %

165,44 %

132,92 %

Financial profitability:

1,33 %

4,98 %

-1,13 %

-0,58 %

216,90 %

962,06 %

Margin:

2,02 %

3,89 %

0,41 %

2,04 %

390,91 %

90,29 %

Mark-up:

0,90 %

3,24 %

-0,69 %

0,28 %

229,10 %

1.054,24 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,10

0,20

0,11

0,17

-11,97

20,46

Acid Test:

0,82

1,09

0,95

1,01

-13,05

8,20

Working Capital / Investment:

0,34

0,17

0,35

0,14

-2,49

19,98

Solvency:

1,77

1,58

1,92

1,52

-8,12

3,44

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,08

1,12

0,86

1,27

25,58

-12,41

Borrowing Composition:

0,18

0,64

0,24

0,85

-22,80

-24,76

Repayment Ability:

84,12

51,25

-139,19

-2.934,98

160,43

101,75

Warranty:

1,93

1,90

2,16

1,79

-10,95

6,43

Generated resources / Total creditors:

0,03

0,10

0,02

0,05

59,91

102,76

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,23

1,38

1,14

1,33

7,73

4,52

Turnover of Collection Rights :

2,76

4,47

2,84

4,32

-2,84

3,63

Turnover of Payment Entitlements:

3,05

3,82

4,03

3,62

-24,30

5,39

Stock rotation:

1,88

6,54

2,39

5,62

-21,49

16,24

Assets turnover:

0,81

1,21

0,90

1,12

-9,69

8,45

Borrowing Cost:

2,76

2,49

3,04

2,91

-9,13

-14,68

> 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:

0,01 %

0,00 %

-0,01 %

0,04 %

-0,01 %

EBITDA over Sales:

3,32 %

1,89 %

4,60 %

3,35 %

5,40 %

Cash Flow Yield:

0,01 %

0,00 %

-0,01 %

0,04 %

-0,01 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

1,64 %

0,37 %

3,39 %

1,28 %

3,38 %

Total economic profitability:

2,12 %

0,80 %

2,26 %

1,76 %

2,49 %

Financial profitability:

1,33 %

-1,13 %

1,02 %

0,22 %

1,54 %

Margin:

2,02 %

0,41 %

3,13 %

1,43 %

3,84 %

Mark-up:

0,90 %

-0,69 %

1,52 %

0,14 %

1,47 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,10

0,11

0,16

0,18

0,04

Acid Test:

0,82

0,95

0,92

0,97

1,01

Working Capital / Investment:

0,34

0,35

0,37

0,45

0,41

Solvency:

1,77

1,92

2,24

2,68

2,32

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,08

0,86

0,68

0,57

0,73

Borrowing Composition:

0,18

0,24

0,34

0,38

0,35

Repayment Ability:

84,12

-139,19

-53,53

10,08

-40,46

Warranty:

1,93

2,16

2,46

2,74

2,38

Generated resources / Total creditors:

0,03

0,02

0,05

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,23

1,14

1,39

1,26

1,48

Turnover of Collection Rights :

2,76

2,84

4,58

4,27

2,87

Turnover of Payment Entitlements:

3,05

4,03

5,87

7,60

4,20

Stock rotation:

1,88

2,39

2,65

1,91

2,05

Assets turnover:

0,81

0,90

1,09

0,89

0,88

Borrowing Cost:

2,76

3,04

3,40

4,28

2,88

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Company created many years ago with experience in the area. Its turnover increased in a 1.34% in 2013, compared to the previous year. It normally attends payment commitments.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.16
UK Pound	1	Rs.92.73
Euro	1	Rs.68.23

INFORMATION DETAILS

Analysis Done by :	DIV

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%)

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

Activity

Chronological Summary

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit