MIRA INFORM REPORT

Report No. :	334712
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	SUAN FARMA SA

Registered Office :	C/ Eistein, 8. - Alcobendas - Madrid

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	01.06.1993

Legal Form :	Public Company

Line of Business :	Wholesale of pharmaceutical goods.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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

SPAIN ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis, in 2014 Spain marked the first full year of economic growth in seven years, with growth of 1.4%. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Credit contraction in the private sector, fiscal austerity, and high unemployment continue to weigh on domestic consumption and investment. Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, closing 2014 at 23.7%. This has strained 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms, aimed at supporting investor sentiment, have become overshadowed by political activity in 2015 in anticipation of national parliamentary elections late in the year. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors, completing an EU-funded restructuring and recapitalization program in January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.4% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 23.7% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

SUAN FARMA SA

NIF / Fiscal code:

A80624067

Status:

ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL

Incorporation Date:

01/06/1993

Register Data

Last Publication in BORME:

03/03/2015 [Revocations]

Last Published Account Deposit:

2013

Share Capital:

897.081,64

Localization:

C/ EISTEIN, 8. - ALCOBENDAS - MADRID

Telephone - Fax - Email - Website:

Telephone. 913589153 Email. suanfarma@suanfarma.com Website. www.suanfarma.com

Number of Branches

Activity:

NACE:

4646 - Wholesale of pharmaceutical goods

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

3 for a total cost of 58091

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:

GRUPO SUAN FARMA SL

100 %

Identification

Social Denomination:

SUAN FARMA SA

NIF / Fiscal code:

A80624067

Corporate Status:

ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL

Start of activity:

1993

Registered Office:

C/ EISTEIN, 8.

Locality:

ALCOBENDAS

Province:

MADRID

Telephone:

913589153

Fax:

913446894

Website:

www.suanfarma.com

Email:

suanfarma@suanfarma.com

Branch Offices

Address

Postal Code

City

Province

Isabel Colbrand, S/N

28050

MADRID

Activity

NACE:

4646

Legal Form:

IMPORTACION, EXPORTACION Y COMPRAVENTA AL POR MAYOR Y AL POR MENOR DE PRODUCTOS QUIMICOS FARMACEUTICOS Y ESPECIALIDADES PARA USOS HUMANO Y VETERINARIO

Additional Information:

Plant, warehouse and offices located on

Import / export:

IMPORTS / EXPORTS

Chronological Summary

Year

Act

1993

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

1995

Accounts deposit (year 1993) Appointments/ Re-elections (1)

1996

Accounts deposit (year 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

1997

Accounts deposit (year 1995, 1996) Other Concepts/ Events (1) Statutory Modifications (1)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (1)

1999

Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1998, 1999) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1)

2001

Accounts deposit (year 2000)

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1)

2006

Accounts deposit (year 2004 consolidated, 2004, 2005) Appointments/ Re-elections (2)

2007

Accounts deposit (year 2005 consolidated, 2006) Appointments/ Re-elections (2) Increase of Capital (2)

2008

Accounts deposit (year 2006 consolidated, 2007)

2009

Accounts deposit (year 2007 consolidated, 2008 consolidated, 2008)

2010

Accounts deposit (year 2009 consolidated, 2009) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (2)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (3) Capital Reduction (2) Cessations/ Resignations/ Reversals (4) Declaration of Sole Propietorship (1) Other Concepts/ Events (2) Partial split (3)

2012

Accounts deposit (year 2010 consolidated, 2011) Other Concepts/ Events (1) Partial split (3)

2013

Accounts deposit (year 2011 consolidated, 2012) Capital Reduction (1) Partial split (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (2)

2015

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

Breakdown of Owners' Equity

Registered Capital:

897.081,64

Paid up capital:

897.081,64

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1073

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

06/07/1993

Company Formation

159.869

30/10/2007

Increase of Capital

159.893

30/10/2007

Increase of Capital

840.157

1.000.050

29/11/2011

Capital Reduction

-99.963

900.087

29/01/2013

Capital Reduction

-3.006

897.082

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

GRUPO SUAN FARMA SL

28/11/2011

PRESIDENT

ARA SANZ HECTOR

29/11/2010

MEMBER OF THE BOARD

ARA ZAMORA HECTOR

10/11/2011

FERNANDEZ FUSTER MANUEL

29/11/2010

ARA SANZ HECTOR

29/11/2010

JOINT ATTORNEY/COMBINED PROXY

ORTEGA LECHON ANTONIA SONIA

23/02/2015

PROXY

FERNANDEZ SANIGER FRANCISCO JOSE

05/04/2010

CHIEF EXECUTIVE OFFICER

ARA SANZ HECTOR

29/11/2010

SECRETARY

VAZQUEZ CALO MARIA TERESA

10/11/2011

ACCOUNTS' AUDITOR / HOLDER

PRICEWATERHOUSECOOPERS AUDITORES SL

20/11/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARA PARGA MIGUEL

MEMBER OF THE BOARD

10/01/2006

MEMBER OF THE BOARD

29/11/2010

MEMBER OF THE BOARD

10/11/2011

PROXY

28/10/1998

PROXY

10/05/2004

PROXY

28/10/2010

SECRETARY

10/01/2006

PROXY

05/04/2011

SECRETARY

10/11/2011

JOINT ATTORNEY/COMBINED PROXY

10/11/2011

SECRETARY

29/11/2010

ARA SANZ HECTOR

MEMBER OF THE BOARD

18/10/1996

MEMBER OF THE BOARD

26/04/2000

MEMBER OF THE BOARD

10/01/2006

MEMBER OF THE BOARD

29/11/2010

CHIEF EXECUTIVE OFFICER

10/01/2006

CHIEF EXECUTIVE OFFICER

29/11/2010

SOLE CHIEF EXECUTIVE OFFICER

18/10/1996

SOLE CHIEF EXECUTIVE OFFICER

26/04/2000

SECRETARY

18/10/1996

PRESIDENT

10/01/2006

PRESIDENT

29/11/2010

VICE CHAIRMAN

26/04/2000

ATTEST SERVICIOS EMPRESARIALES SLP

ACCOUNTS' AUDITOR / HOLDER

17/03/2011

BENITEZ FERNANDEZ JOAQUIN LUIS

MEMBER OF THE BOARD

18/10/1996

VICE CHAIRMAN

18/10/1996

CASTRO MONTENEGRO EMILIO

MEMBER OF THE BOARD

18/10/1996

CONSULTORES DE TECNICAS EMPRESARIALES S A

ACCOUNTS' AUDITOR / HOLDER

13/03/2006

ACCOUNTS' AUDITOR / HOLDER

25/10/2007

CONSULTORES DE TECNICAS EMPRESARIALES SL

ACCOUNTS' AUDITOR / HOLDER

25/10/2007

ACCOUNTS' AUDITOR / HOLDER

26/10/2007

ACCOUNTS' AUDITOR / HOLDER

02/02/2010

CONTESA AUDITORES SA

ACCOUNTS' AUDITOR / HOLDER

13/03/2006

FERNANDEZ FUSTER MANUEL

MEMBER OF THE BOARD

18/10/1996

MEMBER OF THE BOARD

26/04/2000

MEMBER OF THE BOARD

10/01/2006

MEMBER OF THE BOARD

29/11/2010

SECRETARY

26/04/2000

VICE CHAIRMAN

10/01/2006

VICE CHAIRMAN

29/11/2010

VICE CHAIRMAN

10/11/2011

ORTIZ ALVAREZ MONICA

PROXY

05/04/2011

PRICE WATERHOUSE COOPERS AUDITORES SL

CONSOLIDATED ACCOUNTS' AUDITOR

07/02/2014

PRICEWATERHOUSECOOPERS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

07/02/2014

ACCOUNTS' AUDITOR / HOLDER

20/11/2014

RODRIGUEZ RODRIGUEZ LUIS VIDAL

PROXY

23/02/2015

SANCHEZ OCAÑA URIARTE PEDRO IGNACIO

PROXY

05/04/2011

WEITHASE GERD HERBERT

MEMBER OF THE BOARD

18/10/1996

MEMBER OF THE BOARD

26/04/2000

PRESIDENT

18/10/1996

PRESIDENT

17/09/1999

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.

It has financial profitability.. SUAN FARMA 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 decreased in the previous financial year.

Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale.

SUAN FARMA SA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 70.39% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency.

SUAN FARMA SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

Immediate solvency is significantly lower than that of the previous fiscal year.

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

2 Entities

IS RELATED WITH:

8 Entities

PARTICIPATES IN:

15 Entities

SE ESCINDE PARCIALMENTE EN:

3 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GRUPO SUAN FARMA SL

MADRID

100

SUANFARMA BIOTECH S.G.E.C.R. SA.

MADRID

100

PARTICIPATES IN

PLANTAS MEDICINALES DE CATALUÑA SA

BARCELONA

TORREFARMA SL

MADRID

100

SUAN FARMA CA (VENEZUELA)

LABOSUAN INVESTIGACION Y DESARROLLO SL

MADRID

100

INMUEBLES SUANFARMA SL

MADRID

100

SUAN FARMA INC (ESTADOS UNIDOS)

SUAN FARMA DE COLOMBIA SAS

SERVICIOS GIROSUAN, SOCIEDAD LIMITADA, DE C.V. (MEXICO)

SALUPHARMA BIOSIMILARS, SOCIEDAD ANONIMA, UNIPERSONAL

MADRID

100

SUAN FARMA MIDDEL EAST FZ LLC

100

SUAN FARMA SUIZA, S.A.

100

CIDQO 2012 SL

BARCELONA

SUAN FARMA MEXICO, SOCIEDAD ANONIMA, DE CV

64.97

ALBERTO GIRONELLA, SOCIEDAD ANONIMA, DE CV (MEXICO)

64.97

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ACRUSPULO SL

MADRID

ALBERTO GIRONELLA, SOCIEDAD ANONIMA, DE CV (MEXICO)

ANGEL BIOTHECNOLOGY

PUELVA

CABASI INVERSIONES SL

MADRID

CIDQO 2012 SL

BARCELONA

IS RELATED WITH

LABOSUAN INVESTIGACION Y DESARROLLO SL

MADRID

GRUPO SUAN FARMA SL

MADRID

SE ESCINDE PARCIALMENTE EN

LABOSUAN INVESTIGACION Y DESARROLLO SLU

LABOSUAN INVESTIGACION Y DESARROLLO SL

MADRID

GRUPO SUAN FARMA SL

MADRID

PLANTAS MEDICINALES DE CATALUÑA SA

BARCELONA

BELONGS TO THE ADMINISTRATION BOARD OF

LABOSUAN INVESTIGACION Y DESARROLLO SL

MADRID

Turnover

Total Sales

27.132.345

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

August 2014

2012

Normales

August 2013

2011

Consolidadas

April 2013

2011

Normales

October 2012

2010

Consolidadas

October 2012

2010

Normales

September 2011

2009

Consolidadas

November 2010

2009

Normales

November 2010

2008

Consolidadas

November 2009

2008

Normales

October 2009

2007

Consolidadas

September 2009

2007

Normales

September 2008

2006

Consolidadas

April 2008

2006

Normales

October 2007

2005

Consolidadas

December 2006

2005

Normales

September 2006

2004

Consolidadas

June 2006

2004

Normales

January 2006

2003

Normales

September 2004

2003

Normales

February 2005

2002

Normales

September 2003

2001

Normales

September 2002

2000

Normales

October 2001

1999

Normales

August 2000

1998

Normales

December 1999

1997

Normales

October 1998

1996

Normales

August 1997

1995

Normales

January 1997

1994

Normales

May 1996

1993

Normales

June 1995

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

> Normal format Balance in accordance with the New Accounting Plan 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

9.983.867,00

9.343.572,00

8.729.325,00

8.541.775,00

8.675.293,00

I. Intangible fixed assets : 11100

514,00

0,00

97.840,00

0,00

1. Development: 11110

0,00

97.840,00

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

514,00

0,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

4.447.009,00

4.623.491,00

4.898.421,00

5.067.339,00

5.086.405,00

1. Land and buildings: 11210

4.152.400,00

4.224.142,00

4.401.878,00

4.461.954,00

4.840.960,00

2. Technical installations and other tangible fixed assets: 11220

294.609,00

399.349,00

496.543,00

605.385,00

245.445,00

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

4.272.614,00

3.517.786,00

2.593.385,00

2.230.205,00

2.383.507,00

1. Equity instruments: 11410

2.526.899,00

2.507.011,00

2.268.385,00

1.805.147,00

1.808.507,00

2. Credits to businesses: 11420

942.440,00

723.692,00

325.000,00

425.058,00

575.000,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

803.275,00

287.083,00

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

1.090.367,00

1.020.634,00

1.043.865,00

1.118.694,00

1.177.684,00

1. Equity instruments: 11510

923.617,00

918.816,00

910.850,00

978.193,00

1.039.468,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

17.806,00

11.517,00

16.945,00

24.431,00

22.146,00

6. Other investments: 11560

148.944,00

90.301,00

116.070,00

VI. Assets for deferred tax : 11600

173.363,00

181.661,00

193.654,00

27.697,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

11.220.685,00

12.257.720,00

16.192.358,00

14.869.337,00

14.278.852,00

I. Non-current assets held for sale : 12100

112.177,00

0,00

II. Stocks: 12200

2.712.768,00

3.015.754,00

4.289.027,00

3.294.821,00

4.202.462,00

1. Commercial: 12210

2.426.723,00

2.784.593,00

4.195.040,00

2.998.173,00

4.201.521,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

286.045,00

231.161,00

93.987,00

296.648,00

941,00

III. Trade debtors and others receivable accounts: 12300

8.098.411,00

8.547.693,00

11.352.159,00

11.259.073,00

9.708.629,00

1. Trade debtors / accounts receivable: 12310

7.497.525,00

7.991.699,00

10.761.494,00

10.303.655,00

8.939.654,00

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

0,00

b) Customers for sales and provisions of services : 12312

7.497.525,00

7.991.699,00

10.761.494,00

10.303.655,00

8.939.654,00

2. Customers, Group companies and associates : 12320

224.901,00

275.906,00

141.677,00

133.570,00

114.928,00

3. Other accounts receivable: 12330

11.621,00

12.025,00

65.574,00

38.719,00

225.282,00

4. Personnel: 12340

0,00

3.131,00

5. Assets for deferred tax: 12350

0,00

54.838,00

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

364.364,00

268.063,00

383.414,00

779.998,00

370.796,00

7. Called up share capital: 12370

0,00

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

29.461,00

27.642,00

171.488,00

0,00

1. Equity instruments: 12410

29.461,00

27.642,00

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

171.488,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

360,00

11.040,00

82.344,00

37.662,00

42.000,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

360,00

11.040,00

82.344,00

37.662,00

42.000,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

71.941,00

90.176,00

35.767,00

0,00

VII. Cash and other equivalent liquid assets : 12700

195.567,00

453.238,00

261.573,00

277.781,00

325.761,00

1. Treasury: 12710

195.567,00

453.238,00

261.573,00

277.781,00

325.761,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

21.204.552,00

21.601.292,00

24.921.683,00

23.411.112,00

22.954.145,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

3.098.259,00

2.960.269,00

2.169.951,00

3.827.908,00

3.383.852,00

A-1) Shareholders' equity: 21000

3.093.458,00

2.941.433,00

2.123.908,00

3.827.908,00

3.383.852,00

I. Capital: 21100

897.081,00

900.087,00

1.000.050,00

1. Registered capital : 21110

897.081,00

900.087,00

1.000.050,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

2.044.352,00

1.238.360,00

686.025,00

2.383.802,00

2.216.871,00

1. Legal and statutory: 21310

200.010,00

179.416,00

200.010,00

2. Other reserves: 21320

1.844.342,00

1.058.944,00

486.015,00

2.183.792,00

2.016.861,00

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

152.025,00

805.992,00

537.796,00

708.871,00

366.931,00

VIII. (Interim dividend): 21800

0,00

-264.815,00

-200.000,00

IX. Other net worth instruments: 21900

0,00

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

4.801,00

0,00

I. Financial assets held for sale: 22100

4.801,00

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

18.836,00

46.043,00

0,00

B) NON-CURRENT LIABILITIES: 31000

3.179.996,00

3.953.431,00

4.878.103,00

4.701.105,00

4.943.622,00

I. Long-term provisions: 31100

148.944,00

90.301,00

116.070,00

306.070,00

1. Long-term employee benefits liability: 31110

148.944,00

90.301,00

116.070,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

190.000,00

II Long-term creditors: 31200

2.438.431,00

3.270.509,00

4.270.539,00

4.150.468,00

4.545.499,00

1. Liabilities and other securities: 31210

0,00

125.298,00

469.866,00

0,00

2. Amounts owed to credit institutions: 31220

2.431.775,00

3.022.886,00

3.570.278,00

3.818.379,00

4.433.775,00

3. Creditors from financial leasing: 31230

6.656,00

122.325,00

225.565,00

324.293,00

111.724,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

4.830,00

7.796,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

592.621,00

491.494,00

434.567,00

92.053,00

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

14.926.297,00

14.687.592,00

17.873.629,00

14.882.099,00

14.626.671,00

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

0,00

II. Short-term provisions: 32200

0,00

138.501,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

8.212.434,00

8.615.956,00

9.502.454,00

7.294.818,00

6.420.505,00

1. Liabilities and other securities: 32310

161.368,00

375.893,00

0,00

2. Amounts owed to credit institutions: 32320

7.948.072,00

8.137.003,00

9.027.209,00

7.200.183,00

6.382.768,00

3. Creditors from financial leasing: 32330

102.994,00

103.060,00

99.352,00

94.405,00

27.187,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

230,00

10.550,00

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

309.956,00

522.067,00

0,00

V. Trade creditors and other accounts payable: 32500

6.388.675,00

5.549.569,00

8.371.175,00

7.448.780,00

8.206.166,00

1. Suppliers: 32510

5.030.749,00

4.517.478,00

6.840.988,00

5.995.301,00

6.108.100,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

5.030.749,00

4.517.478,00

6.840.988,00

5.995.301,00

6.108.100,00

2. Suppliers, Group companies and associates: 32520

39.862,00

27.369,00

49.229,00

146.325,00

430.901,00

3. Other creditors: 32530

827.240,00

717.048,00

1.006.149,00

657.226,00

1.295.933,00

4. Personnel (remuneration due): 32540

231.671,00

190.439,00

383.092,00

497.061,00

276.993,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

182.001,00

91.631,00

91.717,00

152.466,00

93.838,00

7. Advances from clients: 32570

77.152,00

5.604,00

0,00

401,00

VI. Short-term accruals: 32600

15.232,00

0,00

VII. Special short-term debts : 32700

0,00

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

21.204.552,00

21.601.292,00

24.921.683,00

23.411.112,00

22.954.145,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

27.132.345,00

30.115.880,00

33.961.116,00

35.242.614,00

36.236.485,00

a) Sales: 40110

27.021.331,00

29.896.605,00

33.634.079,00

35.096.921,00

35.751.710,00

b) Rendering of services: 40120

111.014,00

219.275,00

327.037,00

145.693,00

484.775,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-22.433.074,00

-24.535.764,00

-27.571.549,00

-28.679.390,00

-29.759.805,00

a) Stock consumption: 40410

-22.379.199,00

-24.457.321,00

-27.507.637,00

-28.639.122,00

-29.663.676,00

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

-7.744,00

-43.918,00

-19.241,00

-14.711,00

-9.855,00

c) Works carried out by other companies: 40430

-80.871,00

-9.637,00

-26.931,00

-24.019,00

-93.034,00

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

34.740,00

-24.888,00

-17.740,00

-1.538,00

6.760,00

5. Other operating income: 40500

262.146,00

203.540,00

147.379,00

142.211,00

75.042,00

a) Auxiliary income and other from current management: 40510

251.793,00

100.305,00

104.592,00

37.756,00

14.018,00

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

10.353,00

103.235,00

42.787,00

104.455,00

61.024,00

6. Personnel costs: 40600

-2.057.350,00

-1.832.816,00

-1.981.471,00

-2.564.195,00

-2.408.632,00

a) Wages, salaries et al.: 40610

-1.776.500,00

-1.496.878,00

-1.707.637,00

-2.119.334,00

-1.968.080,00

b) Social security costs: 40620

-280.850,00

-335.938,00

-273.834,00

-444.861,00

-440.552,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.375.552,00

-2.579.486,00

-3.164.887,00

-2.937.878,00

-3.619.862,00

a) External services: 40710

-2.324.500,00

-2.552.103,00

-3.149.422,00

-2.886.312,00

-3.596.080,00

b) Taxes: 40720

-36.880,00

-67.607,00

-13.993,00

-15.155,00

-19.130,00

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

-14.172,00

40.224,00

-1.472,00

0,00

-4.652,00

d) Other current management expenditure : 40740

0,00

-36.411,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-174.193,00

-177.269,00

-175.686,00

-157.659,00

-21.953,00

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

-4.683,00

0,00

a) Impairment and losses : 41110

-4.683,00

0,00

b) Results for transfers and other : 41120

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

-40.378,00

9.854,00

-161.428,00

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

349.639,00

1.194.085,00

1.174.524,00

1.055.557,00

339.847,00

14. Financial income : 41400

219.293,00

203.454,00

4.989,00

6.378,00

7.382,00

a) Of shares in equity instruments : 41410

148.107,00

161.200,00

0,00

7.382,00

a 1) In Group companies and associates: 41411

148.107,00

161.200,00

0,00

a 2) In third parties: 41412

0,00

7.382,00

b) From negotiable securities and other financial instruments : 41420

71.186,00

42.254,00

4.989,00

6.378,00

0,00

b 1) From Group companies and associates : 41421

19.041,00

17.119,00

0,00

b 2) From third parties : 41422

52.145,00

25.135,00

4.989,00

6.378,00

0,00

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

0,00

15. Financial expenditure: 41500

-459.538,00

-445.486,00

-302.015,00

-247.800,00

-103.895,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-459.538,00

-445.486,00

-302.015,00

-247.800,00

-103.895,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

4.669,00

-169.030,00

-67.343,00

51.865,00

60.014,00

a) Trading book and other : 41610

4.669,00

-169.030,00

-67.343,00

51.865,00

60.014,00

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

0,00

17. Exchange rate differences : 41700

37.720,00

200.688,00

-354.781,00

161.956,00

160.580,00

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

-4.069,00

103.211,00

-26.609,00

84.911,00

-15.864,00

a) Impairment and losses : 41810

-4.069,00

103.211,00

-26.609,00

6.934,00

-15.864,00

b) Results for transfers and other : 41820

0,00

77.977,00

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

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-201.925,00

-107.163,00

-745.759,00

57.310,00

108.217,00

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

147.714,00

1.086.922,00

428.765,00

1.112.867,00

448.064,00

20. Income taxes: 41900

4.311,00

-280.930,00

109.031,00

-403.996,00

-81.133,00

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

152.025,00

805.992,00

537.796,00

708.871,00

366.931,00

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

0,00

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

152.025,00

805.992,00

537.796,00

708.871,00

366.931,00

> 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:

9.922.681,00

9.274.088,00

8.535.671,00

8.514.078,00

8.647.596,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

514,00

0,00

97.840,00

0,00

1. Research and development costs:

0,00

97.840,00

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

514,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

4.559.186,00

4.735.668,00

4.898.421,00

5.067.339,00

5.086.405,00

1. Land and construction:

4.264.577,00

4.336.319,00

4.401.878,00

4.461.954,00

4.840.960,00

2. Technical installations and machinery:

61.241,00

83.013,00

103.217,00

125.843,00

51.021,00

3. Other installations, tools and furniture:

80.047,00

108.505,00

134.913,00

164.486,00

66.689,00

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

0,00

5. Other tangible assets:

153.321,00

207.830,00

258.412,00

315.056,00

127.735,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

5.362.981,00

4.538.420,00

3.637.250,00

3.348.899,00

3.561.191,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

942.440,00

723.692,00

325.000,00

425.058,00

575.000,00

3. Equity investment in associated companies:

2.526.899,00

2.507.011,00

2.268.385,00

1.805.147,00

1.808.507,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

923.617,00

918.816,00

910.850,00

978.193,00

1.039.468,00

6. Other receivables:

148.944,00

90.301,00

116.070,00

7. Long term guarantees and deposits:

821.081,00

298.600,00

16.945,00

24.431,00

22.146,00

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:

11.281.871,00

12.327.204,00

16.386.012,00

14.897.034,00

14.306.549,00

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

0,00

II. Stocks:

2.712.768,00

3.015.754,00

4.289.027,00

3.294.821,00

4.202.462,00

1. Goods for resale:

2.426.723,00

2.784.593,00

4.195.040,00

2.998.173,00

4.201.521,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

286.045,00

231.161,00

93.987,00

296.648,00

941,00

7. Provisions:

0,00

III. Debtors:

8.271.774,00

8.729.354,00

11.545.813,00

11.286.770,00

9.736.326,00

1. Trade debtors / accounts receivable:

7.497.525,00

7.991.699,00

10.761.494,00

10.303.655,00

8.939.654,00

2. Accounts receivable, Group companies:

224.901,00

275.906,00

141.677,00

133.570,00

114.928,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

11.621,00

12.025,00

65.574,00

38.719,00

225.282,00

5. Staff:

0,00

3.131,00

6. Public bodies:

537.727,00

449.724,00

577.068,00

807.695,00

453.331,00

7. Provisions:

0,00

IV. Short-term investments:

29.821,00

38.682,00

253.832,00

37.662,00

42.000,00

1. Equity investments in group companies:

29.461,00

27.642,00

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

171.488,00

0,00

7. Shor term guarantees and deposits:

360,00

11.040,00

82.344,00

37.662,00

42.000,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

195.567,00

453.238,00

261.573,00

277.781,00

325.761,00

VII. Prepayments and accrued income:

71.941,00

90.176,00

35.767,00

0,00

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

21.204.552,00

21.601.292,00

24.921.683,00

23.411.112,00

22.954.145,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

3.098.259,00

2.947.084,00

2.137.721,00

3.827.908,00

3.383.852,00

I. Subscribed capital:

897.081,00

900.087,00

1.000.050,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

2.049.153,00

1.244.011,00

699.838,00

2.383.802,00

2.216.871,00

1. Legal reserve:

200.010,00

179.416,00

200.010,00

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:

1.849.143,00

1.064.595,00

499.828,00

2.183.792,00

2.016.861,00

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:

152.025,00

805.992,00

537.796,00

708.871,00

366.931,00

VII. Interim dividend paid:

0,00

-264.815,00

-200.000,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

13.185,00

32.230,00

0,00

1. Capital grants:

0,00

13.185,00

32.230,00

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:

148.944,00

90.301,00

116.070,00

306.070,00

1. Provisions for pension fund and other similar obligations:

148.944,00

90.301,00

116.070,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

190.000,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

3.031.052,00

3.863.130,00

4.762.033,00

4.585.035,00

4.637.552,00

I. Issued debentures and other marketable securities:

0,00

125.298,00

469.866,00

0,00

1. Non-convertible debentures:

0,00

125.298,00

469.866,00

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

2.438.431,00

3.145.211,00

3.795.843,00

4.142.672,00

4.545.499,00

1. Loans and other liabilities:

2.431.775,00

3.022.886,00

3.570.278,00

3.818.379,00

4.433.775,00

2. Long-term liabilities from capital leases:

6.656,00

122.325,00

225.565,00

324.293,00

111.724,00

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:

592.621,00

496.324,00

442.363,00

92.053,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

4.830,00

7.796,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

592.621,00

491.494,00

434.567,00

92.053,00

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:

14.926.297,00

14.687.592,00

17.873.629,00

14.743.598,00

14.626.671,00

I. Issued debentures and other marketable securities:

161.368,00

375.893,00

0,00

1. Non-convertible debentures:

161.368,00

375.893,00

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:

8.051.066,00

8.240.063,00

9.126.561,00

7.294.588,00

6.409.955,00

1. Loans and other liabilities:

7.948.072,00

8.137.003,00

9.027.209,00

7.200.183,00

6.382.768,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

102.994,00

103.060,00

99.352,00

94.405,00

27.187,00

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

349.818,00

549.436,00

49.229,00

146.325,00

430.901,00

1. Amounts owed to group companies:

349.818,00

549.436,00

49.229,00

146.325,00

430.901,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

5.935.141,00

5.240.130,00

7.847.137,00

6.652.928,00

7.404.434,00

1. Advanced payments from customers:

77.152,00

5.604,00

0,00

401,00

2. Amounts owed for purchases of goods or services:

5.857.989,00

5.234.526,00

7.847.137,00

6.652.527,00

7.404.033,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

413.672,00

282.070,00

474.809,00

649.757,00

381.381,00

1. Public bodies:

182.001,00

91.631,00

91.717,00

152.466,00

93.838,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

230,00

10.550,00

4. Wages and salaries payable:

231.671,00

190.439,00

383.092,00

497.061,00

276.993,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

15.232,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

138.501,00

0,00

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

21.204.552,00

21.601.292,00

24.921.683,00

23.411.112,00

22.954.145,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

27.504.148,00

29.917.570,00

33.575.688,00

34.983.984,00

36.172.572,00

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

0,00

A.2. Supplies:

22.467.814,00

24.510.876,00

27.553.809,00

28.677.852,00

29.766.565,00

a) Stock consumption:

22.379.199,00

24.457.321,00

27.507.637,00

28.639.122,00

29.663.676,00

b) Consumption of raw materials and miscellaneous consumable ones:

7.744,00

43.918,00

19.241,00

14.711,00

9.855,00

c) Miscellaneous external expenditure:

80.871,00

9.637,00

26.931,00

24.019,00

93.034,00

A.3. Staff costs:

2.057.350,00

1.832.816,00

1.981.471,00

2.564.195,00

2.408.632,00

a) Wages, salaries et al.:

1.776.500,00

1.496.878,00

1.707.637,00

2.119.334,00

1.968.080,00

b) Social security costs:

280.850,00

335.938,00

273.834,00

444.861,00

440.552,00

A.4. Depreciation expense:

174.193,00

177.269,00

175.686,00

157.659,00

21.953,00

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

-20.568,00

-15.336,00

19.212,00

1.538,00

-2.108,00

a) Stock provision variation:

-34.740,00

24.888,00

17.740,00

1.538,00

-6.760,00

b) Variation in provision and bad debt losses:

0,00

4.652,00

c) Variation of other trade provisions:

14.172,00

-40.224,00

1.472,00

0,00

A.6. Other operating charges:

2.361.380,00

2.619.710,00

3.163.415,00

2.937.878,00

3.615.210,00

a) External services:

2.324.500,00

2.552.103,00

3.149.422,00

2.886.312,00

3.596.080,00

b) Taxes:

36.880,00

67.607,00

13.993,00

15.155,00

19.130,00

c) Other operating expenses:

0,00

36.411,00

0,00

d) Allocation to revision fund:

0,00

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

354.322,00

1.194.085,00

1.214.902,00

1.045.703,00

501.275,00

A.7. Financial and similar charges:

459.538,00

445.486,00

302.015,00

247.800,00

103.895,00

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.:

459.538,00

445.486,00

302.015,00

247.800,00

103.895,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

5.876,00

95.050,00

67.343,00

0,00

A.9. Exchange losses:

0,00

354.781,00

0,00

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

0,00

50.376,00

124.081,00

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

150.590,00

1.057.691,00

495.752,00

1.096.079,00

625.356,00

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

2.876,00

-29.231,00

26.609,00

-6.934,00

15.864,00

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:

0,00

40.378,00

0,00

161.428,00

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

29.231,00

0,00

16.788,00

0,00

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

147.714,00

1.086.922,00

428.765,00

1.112.867,00

448.064,00

A.15. Corporation tax:

-4.311,00

280.930,00

-109.031,00

403.996,00

81.133,00

A.16. Miscellaneous taxes:

0,00

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

152.025,00

805.992,00

537.796,00

708.871,00

366.931,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

27.656.173,00

30.723.562,00

34.113.484,00

35.692.855,00

36.539.503,00

B.1. Net total sales:

27.132.345,00

30.115.880,00

33.961.116,00

35.242.614,00

36.236.485,00

a) Sales:

27.202.318,00

30.096.851,00

33.859.358,00

35.331.998,00

35.991.173,00

b) Rendering of services:

111.014,00

219.275,00

327.037,00

145.693,00

484.775,00

Returns and Rappel on sales:

-180.987,00

-200.246,00

-225.279,00

-235.077,00

-239.463,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

262.146,00

203.540,00

147.379,00

142.211,00

75.042,00

a) Auxiliary income and other from current management:

251.793,00

100.305,00

104.592,00

37.756,00

14.018,00

b) Grants:

10.353,00

103.235,00

42.787,00

104.455,00

61.024,00

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:

148.107,00

161.200,00

0,00

7.382,00

a) In companies of the group:

148.107,00

161.200,00

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

7.382,00

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:

75.855,00

42.254,00

4.989,00

136.220,00

60.014,00

a) From companies of the group:

19.041,00

17.119,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

52.145,00

25.135,00

4.989,00

6.378,00

0,00

d) Profit on financial investment:

4.669,00

0,00

129.842,00

60.014,00

B.8. Exchange positive differences:

37.720,00

200.688,00

0,00

161.956,00

160.580,00

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

203.732,00

136.394,00

719.150,00

0,00

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

0,00

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

0,00

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

9.854,00

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):

2.876,00

0,00

66.987,00

0,00

177.292,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

147.714,00

1.086.922,00

428.765,00

1.112.867,00

448.064,00

2. Results adjustments.: 61200

558.741,00

231.896,00

802.156,00

-450.946,00

257.556,00

a) Fixed Assets Amortization (+).: 61201

174.193,00

177.269,00

175.686,00

-157.659,00

21.953,00

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

9.359,00

-15.336,00

19.212,00

0,00

9.104,00

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

0,00

-25.769,00

-138.501,00

0,00

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

4.683,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

4.069,00

-103.210,00

26.609,00

0,00

g) Financial income (-).: 61207

-219.293,00

-203.454,00

-4.989,00

6.378,00

-7.382,00

h) Financial Expenses (+). : 61208

459.538,00

445.486,00

302.015,00

-247.800,00

103.895,00

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

-37.720,00

-200.688,00

354.781,00

0,00

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

163.912,00

169.030,00

67.343,00

-51.865,00

-60.014,00

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

0,00

-11.432,00

0,00

190.000,00

3. Changes in current capital equity.: 61300

-52.770,00

1.182.361,00

-1.045.522,00

111.081,00

-728.902,00

a) Stock (+/-).: 61301

302.986,00

1.273.273,00

-1.011.946,00

907.640,00

-1.150.359,00

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

508.561,00

2.785.103,00

-547.435,00

-1.550.682,00

330.097,00

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

18.235,00

-54.409,00

-80.449,00

-3.028,00

-42.000,00

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

-941.195,00

-2.821.606,00

594.308,00

757.151,00

-605.810,00

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

58.643,00

0,00

739.170,00

4. Other cash flows for operating activities.: 61400

-259.925,00

-234.787,00

-297.026,00

322.555,00

-84.179,00

a) Interest payments (-). : 61401

-459.538,00

-438.241,00

-302.015,00

247.800,00

-91.561,00

b) Dividend payment collection (+). : 61402

0,00

203.454,00

0,00

c) Interest collection (+). : 61403

219.293,00

0,00

4.989,00

-6.378,00

7.382,00

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

0,00

81.133,00

0,00

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

-19.680,00

0,00

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

393.760,00

2.266.392,00

-111.627,00

1.095.557,00

-107.461,00

6. Payments for investment (-).: 62100

17.629,00

-802.489,00

-793.745,00

-19.839,00

-3.410.651,00

a) Companies of the group and affiliates. : 62101

19.888,00

-787.973,00

-400.142,00

0,00

b) Intangible fixed assets. : 62102

0,00

-377.000,00

-97.840,00

0,00

c) Fixed assets. : 62103

-2.259,00

-14.516,00

-14.853,00

19.068,00

-3.360.171,00

e) Other financial assets. : 62105

0,00

-1.750,00

58.933,00

-50.480,00

7. Divestment payment collection (+). : 62200

0,00

215.150,00

316.289,00

0,00

270.000,00

a) Companies of the group and affiliates. : 62201

0,00

215.150,00

300.058,00

0,00

c) Fixed assets. : 62203

0,00

6.995,00

0,00

e) Other financial assets. : 62205

0,00

9.236,00

0,00

270.000,00

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

17.629,00

-587.339,00

-477.456,00

-19.839,00

-3.140.651,00

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

0,00

-371.776,00

-480.508,00

0,00

a) Issuance of equity instruments (+). : 63101

0,00

-526.551,00

0,00

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

0,00

-344.569,00

0,00

e) Grants, donations and bequests received (+). : 63105

0,00

-27.207,00

46.043,00

0,00

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

-706.780,00

-1.016.948,00

1.481.948,00

-858.883,00

3.298.089,00

a) Issuance : 63201

-591.111,00

-655.760,00

1.578.925,00

0,00

3.699.941,00

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

-591.111,00

-655.760,00

1.578.925,00

0,00

3.699.941,00

b) Repayment and amortization of : 63207

-115.669,00

-361.188,00

-96.977,00

-858.883,00

-401.852,00

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

0,00

-858.883,00

-401.852,00

5. Other debts (-). : 63212

-115.669,00

-361.188,00

-96.977,00

0,00

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

0,00

-98.664,00

-428.565,00

-264.815,00

-300.000,00

a) Dividends (-).: 63301

0,00

-98.664,00

-428.565,00

-264.815,00

-300.000,00

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

-706.780,00

-1.487.388,00

572.875,00

-1.123.698,00

2.998.089,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

37.720,00

0,00

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

-257.671,00

191.665,00

-16.208,00

-47.980,00

-250.023,00

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

453.238,00

261.573,00

277.781,00

325.761,00

575.784,00

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

195.567,00

453.238,00

261.573,00

277.781,00

325.761,00

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 %

0,01 %

-249,23 %

110,56 %

EBITDA over Sales:

1,95 %

11,36 %

4,55 %

9,02 %

-57,22 %

26,04 %

Cash Flow Yield:

-0,01 %

0,01 %

0,00 %

-236,95 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

2,21 %

6,91 %

7,01 %

4,94 %

-68,47 %

39,84 %

Total economic profitability:

2,86 %

3,76 %

7,09 %

2,31 %

-59,63 %

62,79 %

Financial profitability:

4,91 %

4,24 %

27,40 %

0,82 %

-82,07 %

414,60 %

Margin:

1,28 %

6,73 %

3,94 %

4,62 %

-67,59 %

45,56 %

Mark-up:

0,54 %

4,49 %

3,58 %

1,22 %

-84,96 %

266,55 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,13

0,03

0,12

-57,54

15,13

Acid Test:

0,56

0,87

0,62

0,85

-9,39

1,76

Working Capital / Investment:

-0,17

0,05

-0,11

0,03

-55,36

85,52

Solvency:

0,76

1,18

0,84

1,17

-9,94

0,38

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

5,54

1,38

6,08

1,62

-8,93

-15,26

Borrowing Composition:

0,20

1,00

0,26

1,02

-22,79

-2,56

Repayment Ability:

-69,69

89,72

96,79

197,41

-172,00

-54,55

Warranty:

1,18

1,74

1,16

1,62

1,41

6,98

Generated resources / Total creditors:

0,02

0,08

0,05

0,07

-66,26

26,14

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,26

1,85

1,75

1,70

-28,10

8,74

Turnover of Collection Rights :

3,38

5,00

3,55

4,78

-4,63

4,61

Turnover of Payment Entitlements:

3,88

3,64

4,89

3,51

-20,52

3,55

Stock rotation:

9,97

7,34

9,66

6,48

3,21

13,38

Assets turnover:

1,73

1,03

1,78

1,07

-2,72

-3,93

Borrowing Cost:

2,56

2,86

2,40

2,95

6,56

-3,06

> 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 %

0,01 %

0,00 %

-0,01 %

EBITDA over Sales:

1,95 %

4,55 %

4,09 %

3,41 %

1,44 %

Cash Flow Yield:

-0,01 %

0,01 %

0,00 %

-0,01 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

2,21 %

7,01 %

5,78 %

5,22 %

2,59 %

Total economic profitability:

2,86 %

7,09 %

2,93 %

5,81 %

2,40 %

Financial profitability:

4,91 %

27,40 %

25,32 %

18,52 %

10,84 %

Margin:

1,28 %

3,94 %

3,56 %

2,96 %

1,38 %

Mark-up:

0,54 %

3,58 %

1,38 %

3,12 %

1,68 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,01

0,03

0,01

0,02

Acid Test:

0,56

0,62

0,66

0,79

0,69

Working Capital / Investment:

-0,17

-0,11

-0,07

0,00

-0,02

Solvency:

0,76

0,84

0,92

1,01

0,98

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

5,54

6,08

9,90

4,90

5,22

Borrowing Composition:

0,20

0,26

0,27

0,31

0,32

Repayment Ability:

-69,69

96,79

-1.396,57

-402,85

-77,05

Warranty:

1,18

1,16

1,10

1,21

1,19

Generated resources / Total creditors:

0,02

0,05

0,03

0,04

0,02

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,26

1,75

1,70

1,47

1,22

Turnover of Collection Rights :

3,38

3,55

3,00

3,14

3,74

Turnover of Payment Entitlements:

3,88

4,89

3,67

4,24

4,07

Stock rotation:

9,97

9,66

7,67

10,42

8,52

Assets turnover:

1,73

1,78

1,62

1,77

1,88

Borrowing Cost:

2,56

2,40

1,33

1,28

0,54

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

---

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

CAMARA DE COMERCIO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

8.030,00

Notes

Subvención por la participación en varios viajes comerciales y asistencia a ferias.

Entity

CAMARA DE COMERCIO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

31.295,00

Notes

Subvención por la participación en varios viajes comerciales y asistencia a ferias.

Entity

CAMARA DE COMERCIO

Subsidy Concept

SUBVENCION DE CAPITAL

Status

CONCEDIDA

Amount Granted

18.766,00

Notes

SUBVENCION COMO FINANCIACION PARCIAL DE VARIOS VIAJES COMERCIALES Y PARTICIPACIONES EN FERIAS.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.71

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Unit