MIRA INFORM REPORT

Report No. :	353020
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	VOLPAK S.A.

Registered Office :	C/ Can Viñalets, 4 -Polig.Ind.Can Viñalets. - Santa Perpetua De Mogoda - 08130 - Barcelona

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	27.02.1992

Legal Form :	Public Company

Line of Business :	Manufacture of machinery for food, beverage and tobacco processing

No. of Employee :	212

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	Euro 6.490.000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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 that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. 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. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment 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, but 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.

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. 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 the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections 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, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:

VOLPAK S.A.

NIF / Fiscal code:

A80280407

Status:

ACTIVE

Incorporation Date:

27/02/1992

Register Data

Last Publication in BORME:

10/11/2015 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

9.900.000

Localization:

C/ CAN VIÑALETS, 4 -POLIG.IND.CAN VIÑALETS. - SANTA PERPETUA DE MOGODA - 08130 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 935 446 700 Email. main@volpak.com Website. www.volpak.com

Activity:

NACE:

2893 - Manufacture of machinery for food, beverage and tobacco processing

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

2 for a total cost of 131386

Quality Certificate:

Maximum recommended commercial credit:

Euro 6.490.000

Payment Behaviour:

Regular

Prospects:

Consolidation

Industry situation:

Maturity

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:

COESIA SPA (ITALIA)

100 %

Activity

NACE:

2893

Legal Form:

THE COMMERCIALISATION OF PACKAGING EQUIPMENT, AS WELL AS ITS DESIGN, MANUFACTURE, ASSEMBLY AND TRADE; THE DESIGN, MANUFACTUREA AND COMMERCIALISATION OF A LOCKING SYSTEM AND THE TECHNOLOGY OF A BLOCKAGE IN THE MACHINERY FOR THE MANUFACTURE OF ENVELOPS WITH THE INCORPORATION, VIA THERMO-WELDING.

Additional Information:

Design, manufacture and sale of equipment for packaging.

Additional Address:

Registered office and offices. C/ CAN VIÑALETS, 4 -POLIG.IND.CAN VIÑALETS, 08130, SANTA PERPETUA DE MOGODA, BARCELONA

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

number of Employees

Year

No. of employees

Established

Incidentals

2013

212

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

Chronological Summary
	Year	Act
	1992	Appointments/ Re-elections (1) Company Formation (1)
	1994	Accounts deposit (year 1992)
	1995	Accounts deposit (year 1993, 1994)
	1997	Accounts deposit (year 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1)
	1998	Accounts deposit (year 1996) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (4) Change of Social address (1) Correction (2) Take-over Merger (6)
	1999	Accounts deposit (year 1997) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2)
	2000	Accounts deposit (year 1998, 1999) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (2)
	2001	Accounts deposit (year 2000) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)
	2002	Accounts deposit (year 2001 consolidated, 2001) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Modification of Powers (1) Statutory Modifications (1) Take-over Merger (5)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2004	Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2005	Accounts deposit (year 2003, 2004) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (2) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2)
	2006	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2007	Accounts deposit (year 2005, 2006)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (2) Statutory Modifications (1)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Modification of Powers (1) Statutory Modifications (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (3) Modification of Powers (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (1)
	2013	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
	2014	Accounts deposit (year 2012, 2013) Appointments/ Re-elections (1)
	2015	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1) Take-over Merger (3)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	DISEÑO, FABRICACION, ENSAMBLAJE Y COMERCIALIZACION DE MAQUINARIA PARA EMBALAJE.		13/03/1997
	LA COMERCIALIZACION DE MAQUINARIA PARA EMBALAJE.	Company Formation	11/05/1992

Breakdown of Owners' Equity

Registered Capital:

9.900.000

Paid up capital:

9.900.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

23/04/1992

Company Formation

120.202

28/02/1997

Increase of Capital

9.015.182

9.135.384

22/11/2001

Capital Reduction

-15.200

9.120.000

22/11/2001

Increase of Capital

80.000

9.200.000

18/07/2005

Increase of Capital

700.000

9.900.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

COESIA S P A

21/12/2005

PRESIDENT

ALESSANDRO BULFON

24/10/2013

MEMBER OF THE BOARD

CEREZO SOTO JOSE MARIA

24/10/2013

ALESSANDRO BULFON

24/10/2013

ROBERTO BONINI

13/05/2013

GUBAU TORNE JOSEP

06/06/2000

FOSSATI EMILIO

25/02/1997

JOINT ATTORNEY

SANCHEZ BRAVO LUIS MIGUEL

14/07/2015

SIMONE BALSIMELLI

14/07/2015

ENRICO MARIA MARINO

14/07/2015

PROXY

ANGELOS PAPADIMITRIOU

23/04/2010

ROBERTO BONINI

04/08/2009

MOLLER VENDRELL XAVIER

27/07/2005

CHIEF EXECUTIVE OFFICER

ROBERTO BONINI

13/05/2013

NON CONSELLOR SECRETARY

CORBERA DALE IGNACIO

24/10/2013

NON CONSELLOR ASSISTANT SECRETARY

BUISAN LACHEN BELEN

14/07/2015

ACCOUNTS' AUDITOR / HOLDER

KPMG AUDITORES SL

02/11/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANGELOS PAPADIMITRIOU

MEMBER OF THE BOARD

13/05/2013

PRESIDENT

13/05/2013

PRESIDENT

24/10/2013

MEMBER OF THE BOARD

24/10/2013

ANTONELL MASSUET ANDREU

PROXY

06/06/2000

PROXY

06/06/2000

PROXY

06/06/2000

PROXY

31/07/2000

PROXY

02/04/2009

ARTHUR ANDERSEN Y CIA S COM

ACCOUNTS' AUDITOR / HOLDER

04/06/2002

CONSOLIDATED ACCOUNTS' AUDITOR

21/08/2003

CANDALES MARTINEZ MARTA

NON CONSELLOR ASSISTANT SECRETARY

14/07/2015

CARULLA RONCERO ANDREU

PROXY

27/05/2011

CIURANS MOLINA FRANCESC

PROXY

10/06/2004

CORBERA DALE IGNACIO

NON CONSELLOR ASSISTANT SECRETARY

24/10/2013

DELOITTE AND TOUCHE ESPAÑA SL

ACCOUNTS' AUDITOR / HOLDER

12/07/2005

EMILIO FOSSATI

MEMBER OF THE BOARD

19/05/1999

PRESIDENT

19/05/1999

ENRICO WALLNER

MEMBER OF THE BOARD

24/10/2013

ETTORE BANDIERI

MEMBER OF THE BOARD

02/04/2009

FOSSATI EMILIO

PRESIDENT

19/05/1999

GIANCARLO DE MARTIS

MEMBER OF THE BOARD

20/01/2006

MEMBER OF THE BOARD

22/10/2010

GIDSI SPA

SINGLE PARTNER

21/12/2005

GIORGIO SERAGNOLI

MEMBER OF THE BOARD

06/06/2000

PRESIDENT

06/06/2000

GIULIO STRAZZARI

MEMBER OF THE BOARD

06/06/2000

GOSALVEZ LARA VICTOR MANUEL

MEMBER OF THE BOARD

17/03/1998

SECRETARY

11/08/1998

PROXY

06/06/2000

MEMBER OF THE BOARD

19/05/1999

PROXY

19/05/1999

GUBAU TORNE JOSEP

PROXY

10/05/2002

PROXY

06/06/2000

PROXY

06/06/2000

PROXY

06/06/2000

PROXY

31/07/2000

PROXY

24/03/2006

JORDANA GISBERT JORDI

MEMBER OF THE BOARD

22/10/2010

MEMBER OF THE BOARD

13/05/2013

PROXY

13/05/2013

KPMG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

04/01/2008

ACCOUNTS' AUDITOR / HOLDER

01/02/2008

ACCOUNTS' AUDITOR / HOLDER

28/01/2009

ACCOUNTS' AUDITOR / HOLDER

02/11/2015

ACCOUNTS' AUDITOR / HOLDER

06/10/2009

ACCOUNTS' AUDITOR / HOLDER

22/10/2010

ACCOUNTS' AUDITOR / HOLDER

29/09/2011

ACCOUNTS' AUDITOR / HOLDER

07/11/2012

ACCOUNTS' AUDITOR / HOLDER

15/11/2013

ACCOUNTS' AUDITOR / HOLDER

03/11/2014

LUCIANO ROSSI

MEMBER OF THE BOARD

19/05/1999

MARCO CASIRAGHI

PROXY

06/06/2000

PROXY

10/05/2002

MEMBER OF THE BOARD

20/01/2006

PROXY

04/08/2009

PROXY

23/04/2010

PRESIDENT

23/04/2010

MEMBER OF THE BOARD

23/04/2010

MARCO VITALE

MEMBER OF THE BOARD

06/06/2000

MARTIS GIANCARLO

MEMBER OF THE BOARD

19/05/1999

MIR FRANCO AGUSTIN

MEMBER OF THE BOARD

14/07/2015

PROXY

14/07/2015

PAOLO VALDISERRI

MEMBER OF THE BOARD

18/09/1999

MEMBER OF THE BOARD

19/05/1999

CHIEF EXECUTIVE OFFICER

19/05/1999

RAMON DELFIN

PROXY

06/11/2001

REDORTA OLALLA MIQUEL

PROXY

31/01/2003

ROBERTO BONINI

MEMBER OF THE BOARD

13/05/2013

ROMANO ELAZAR

MEMBER OF THE BOARD

25/02/1997

SOLE CHIEF EXECUTIVE OFFICER

25/02/1997

PRESIDENT

25/02/1997

SANCHEZ BRAVO LUIS MIGUEL

PROXY

14/07/2015

SANCHEZ SOLE SERGIO

NON CONSELLOR SECRETARY

24/10/2013

STEFANO CAVALLARI

MEMBER OF THE BOARD

01/03/2005

UGO ANATRA

PROXY

06/06/2000

MEMBER OF THE BOARD

24/04/2002

Executive board

Post

NIF

Name

MARKETING DIRECTOR

EDUARDO AGUIRRE DOMENECH

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

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

It is one of the major domestic companies in terms of sales volume.

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

VOLPAK SA 's borrowing cost is appropriate according to its volume of external financing sources.

Significant operating income. The Company has the necessary return on the investments for its main activity with respect to its assets. This return is lower than that of the financial year 2012 .

Probability of default

> Estimated Probability of Default for the next 12 months: 0.199 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

Relative Position:

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

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

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

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.199%.

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.

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

Recommended commercial credit

Favourable until 6.490.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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

ABSORBS TO:

5 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

COESIA SPA (ITALIA)

100

PARTICIPATES IN

VOLPAK TECHGEN PACKAGING MACHINERIES COMPANY, SOCIEDAD ANONIMA, (CHINA)

VOLPAK PACKAGING TECHNOLOGY PRIVATE, SOCIEDAD ANONIMA, ( INDIA)

82.98

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

PACIFIC SKY CORP SL

MADRID

ABSORBS TO

AUTOMATISMOS Y TECNOLOGIA SA

BARCELONA

BALAGUER MAQUINARIA DE ENVASE Y EMBALAJE SL

BARCELONA

ENFLEX SA

BARCELONA

VOLPAK SA

BARCELONA

IPI BEVERAGE PACKAGING SYSTEM IBERIA SL

BARCELONA

Turnover

Total Sales 2013

58.004.152

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

Estimated Balance

ESTIMATED FIGURES YEAR 2.014 -NON CURRENT ASSETS 18.084.000 Euro/s -CURRENT ASSETS 59.727.000 Euro/s -NET WORTH 36.205.000 Euro/s -NON CURRENT LIABILITIES 5.221.000 Euro/s -CURRENT LIABILITIES 36.385.000 Euro/s -TOTAL ASSETS AND LIABILITIES 77.811.000 Euro/s -SALES 59.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

September 2014

2012

Normales

April 2014

2011

Normales

September 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

June 2008

2007

Normales

July 2008

2006

Normales

April 2007

2005

Normales

November 2006

2004

Normales

August 2005

2003

Normales

July 2005

2002

Normales

September 2003

2001

Consolidadas

June 2002

2001

Normales

June 2002

2000

Normales

July 2001

1999

Normales

September 2000

1998

Normales

January 2000

1997

Normales

March 1999

1996

Normales

March 1998

1995

Normales

February 1997

1994

Normales

August 1995

1993

Normales

December 1994

1992

Normales

December 1993

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. Where the provisions of the Act did not establish relevant equivalence criteria, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

17.778.730,00

17.663.582,00

18.322.074,00

18.557.145,00

19.614.604,00

I. Intangible fixed assets : 11100

4.874.957,00

4.934.401,00

4.988.358,00

4.965.253,00

4.837.231,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

70.000,00

70.022,00

70.195,00

20.439,00

4. Goodwill: 11140

4.493.549,00

5. IT applications: 11150

311.408,00

370.852,00

424.787,00

401.509,00

323.243,00

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

10.719.427,00

10.642.153,00

11.091.259,00

11.395.731,00

10.940.670,00

1. Land and buildings: 11210

9.148.937,00

9.434.794,00

9.767.767,00

10.100.197,00

10.432.627,00

2. Technical installations and other tangible fixed assets: 11220

1.570.490,00

1.207.359,00

1.323.492,00

1.001.943,00

508.043,00

3. Tangible asset in progress and advances: 11230

0,00

293.591,00

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

873.690,00

947.250,00

876.329,00

705.015,00

1.421.063,00

1. Equity instruments: 11410

705.015,00

331.500,00

405.015,00

1.421.063,00

2. Credits to businesses: 11420

168.675,00

242.235,00

544.829,00

300.000,00

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

19.905,00

29.007,00

125.607,00

130.046,00

130.575,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

19.905,00

29.007,00

125.607,00

130.046,00

130.575,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

1.290.751,00

1.110.771,00

1.240.521,00

1.361.100,00

2.285.065,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

58.719.138,00

40.629.038,00

35.124.316,00

31.215.782,00

27.353.346,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

12.723.140,00

11.029.399,00

12.161.435,00

11.393.348,00

11.095.764,00

1. Commercial: 12210

0,00

41.224,00

62.486,00

83.417,00

2. Primary material and other supplies: 12220

6.149.019,00

7.226.778,00

6.679.529,00

5.104.593,00

5.034.845,00

3. Work in progress: 12230

6.382.143,00

3.356.828,00

4.933.286,00

5.447.377,00

4.983.632,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

6.382.143,00

3.356.828,00

4.933.286,00

5.447.377,00

4.983.632,00

4. Finished goods: 12240

141.894,00

370.514,00

454.094,00

660.331,00

695.099,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

141.894,00

370.514,00

454.094,00

660.331,00

695.099,00

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

0,00

6. Advances to suppliers: 12260

50.084,00

75.279,00

53.302,00

118.561,00

298.771,00

III. Trade debtors and others receivable accounts: 12300

21.319.034,00

13.411.810,00

12.589.452,00

8.278.739,00

8.682.522,00

1. Trade debtors / accounts receivable: 12310

17.415.073,00

10.313.967,00

10.729.241,00

5.965.742,00

6.559.103,00

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

0,00

b) Customers for sales and provisions of services : 12312

17.415.073,00

10.313.967,00

10.729.241,00

5.965.742,00

6.559.103,00

2. Customers, Group companies and associates : 12320

2.439.144,00

1.688.899,00

1.196.783,00

1.465.374,00

1.115.631,00

3. Other accounts receivable: 12330

943.117,00

10.306,00

22.746,00

29.970,00

9.621,00

4. Personnel: 12340

12.167,00

10.488,00

46.238,00

31.296,00

9.801,00

5. Assets for deferred tax: 12350

0,00

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

509.533,00

1.388.150,00

594.444,00

786.357,00

988.366,00

7. Called up share capital: 12370

0,00

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

11.596.894,00

5.048.447,00

51.908,00

0,00

100.000,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

11.596.894,00

5.048.447,00

51.908,00

0,00

100.000,00

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

4.307.841,00

6.957.103,00

7.469.504,00

8.762.388,00

5.103.110,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

6.840,00

16.102,00

48.503,00

11.387,00

2.109,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

4.301.001,00

6.941.001,00

7.421.001,00

8.751.001,00

5.101.001,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

117.965,00

119.241,00

89.788,00

255.249,00

41.475,00

VII. Cash and other equivalent liquid assets : 12700

8.654.264,00

4.063.038,00

2.762.229,00

2.526.058,00

2.330.475,00

1. Treasury: 12710

8.654.264,00

4.063.038,00

2.762.229,00

2.526.058,00

2.330.475,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

76.497.868,00

58.292.620,00

53.446.390,00

49.772.927,00

46.967.950,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

35.593.721,00

29.937.320,00

23.482.154,00

19.847.601,00

18.993.174,00

A-1) Shareholders' equity: 21000

35.345.580,00

29.877.656,00

23.380.950,00

19.663.151,00

18.761.831,00

I. Capital: 21100

9.900.000,00

1. Registered capital : 21110

9.900.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

17.477.656,00

10.980.950,00

9.842.129,00

11.027.586,00

12.339.242,00

1. Legal and statutory: 21310

1.980.000,00

1.937.037,00

1.596.905,00

1.382.972,00

2. Other reserves: 21320

15.497.656,00

9.000.950,00

7.905.092,00

9.430.681,00

10.956.270,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-2.578.978,00

-4.665.755,00

-5.616.739,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-2.578.978,00

-4.665.755,00

-5.616.739,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

7.967.924,00

8.996.706,00

6.217.799,00

3.401.320,00

2.139.328,00

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

248.141,00

59.664,00

101.204,00

184.450,00

231.343,00

B) NON-CURRENT LIABILITIES: 31000

5.133.506,00

4.250.084,00

4.240.821,00

5.194.038,00

6.786.562,00

I. Long-term provisions: 31100

327.143,00

390.743,00

712.880,00

461.018,00

487.880,00

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

327.143,00

390.743,00

712.880,00

461.018,00

487.880,00

II Long-term creditors: 31200

2.104.816,00

1.382.403,00

1.482.797,00

3.088.486,00

5.033.226,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

29.145,00

549.185,00

3. Creditors from financial leasing: 31230

0,00

362.088,00

1.768.635,00

3.110.463,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

2.104.816,00

1.382.403,00

1.120.709,00

1.290.706,00

1.373.578,00

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

0,00

IV. Liabilities for deferred tax: 31400

2.701.547,00

2.476.938,00

2.045.144,00

1.644.534,00

1.265.456,00

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

35.770.641,00

24.105.216,00

25.723.415,00

24.731.288,00

21.188.214,00

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

0,00

II. Short-term provisions: 32200

3.778.665,00

3.592.162,00

2.469.836,00

2.287.478,00

2.668.193,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

3.778.665,00

0,00

III. Short-term creditors : 32300

271.267,00

753.054,00

1.804.540,00

3.435.230,00

3.304.253,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

108.485,00

210.014,00

1.896.466,00

1.916.051,00

3. Creditors from financial leasing: 32330

0,00

362.088,00

1.406.547,00

1.341.979,00

1.280.541,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

271.267,00

282.481,00

187.979,00

196.785,00

107.661,00

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

0,00

V. Trade creditors and other accounts payable: 32500

31.720.709,00

19.760.000,00

21.449.039,00

19.008.580,00

15.215.768,00

1. Suppliers: 32510

5.899.195,00

4.589.870,00

4.862.235,00

4.905.101,00

3.468.935,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

5.899.195,00

4.589.870,00

4.862.235,00

4.905.101,00

3.468.935,00

2. Suppliers, Group companies and associates: 32520

4.901.116,00

1.528.911,00

1.476.949,00

1.205.412,00

939.092,00

3. Other creditors: 32530

8.653.912,00

6.699.742,00

6.664.087,00

5.270.402,00

5.536.937,00

4. Personnel (remuneration due): 32540

1.148.566,00

1.483.914,00

1.470.771,00

1.496.579,00

1.238.669,00

5. Liabilities for current tax: 32550

0,00

29.916,00

0,00

6. Other accounts payable to Public Administrations.: 32560

655.275,00

1.718.046,00

730.133,00

214.053,00

206.333,00

7. Advances from clients: 32570

10.462.645,00

3.739.517,00

6.244.864,00

5.887.117,00

3.825.802,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

76.497.868,00

58.292.620,00

53.446.390,00

49.772.927,00

46.967.950,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

58.004.152,00

65.237.230,00

56.016.722,00

45.889.619,00

44.655.222,00

a) Sales: 40110

54.120.746,00

61.126.012,00

52.798.224,00

42.447.675,00

42.121.318,00

b) Rendering of services: 40120

3.883.406,00

4.111.218,00

3.218.498,00

3.441.944,00

2.533.904,00

c) Income of financial nature of holding companies: 40130

0,00

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

3.548.368,00

-1.454.047,00

-810.930,00

431.719,00

-2.879.310,00

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

0,00

4. Supplies : 40400

-24.762.384,00

-24.043.392,00

-20.765.170,00

-18.386.673,00

-14.546.153,00

a) Stock consumption: 40410

-22.111.721,00

-23.510.208,00

-21.519.051,00

-17.799.773,00

-13.836.541,00

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

-2.379.433,00

-193.357,00

1.124.807,00

-747.004,00

-492.260,00

c) Works carried out by other companies: 40430

-271.230,00

-339.827,00

-370.926,00

-254.143,00

-217.352,00

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

0,00

414.247,00

0,00

5. Other operating income: 40500

1.175.077,00

689.330,00

463.090,00

417.909,00

481.371,00

a) Auxiliary income and other from current management: 40510

1.175.077,00

676.872,00

447.558,00

397.333,00

462.292,00

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

0,00

12.458,00

15.532,00

20.576,00

19.079,00

6. Personnel costs: 40600

-14.244.107,00

-14.478.788,00

-13.831.021,00

-13.078.986,00

-13.171.618,00

a) Wages, salaries et al.: 40610

-10.698.494,00

-11.559.167,00

-10.728.090,00

-10.515.403,00

-9.913.814,00

b) Social security costs: 40620

-3.856.178,00

-3.045.871,00

-3.165.449,00

-2.705.391,00

-2.903.105,00

c) Provisions : 40630

310.565,00

126.250,00

62.518,00

141.808,00

-354.699,00

7. Other operating costs: 40700

-13.114.058,00

-14.595.189,00

-12.879.673,00

-9.832.451,00

-10.762.685,00

a) External services: 40710

-12.675.005,00

-13.310.450,00

-11.901.571,00

-10.609.156,00

-10.237.000,00

b) Taxes: 40720

-107.377,00

-103.109,00

-98.364,00

-84.927,00

-83.715,00

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

-331.676,00

-1.181.630,00

-879.738,00

861.632,00

-441.970,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-673.997,00

-702.119,00

-681.989,00

-670.482,00

-630.924,00

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

68.770,00

119.347,00

83.246,00

46.893,00

69.807,00

10. Excess provisions : 41000

0,00

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

-269,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

-269,00

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

18.651,00

20.020,00

20.971,00

-68.793,00

98.132,00

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

10.020.203,00

10.792.392,00

7.615.246,00

4.748.755,00

3.313.842,00

14. Financial income : 41400

254.503,00

276.181,00

239.837,00

198.098,00

126.360,00

a) Of shares in equity instruments : 41410

254.503,00

276.181,00

239.837,00

0,00

a 1) In Group companies and associates: 41411

206.697,00

242.304,00

196.855,00

0,00

a 2) In third parties: 41412

47.806,00

33.877,00

42.982,00

0,00

b) From negotiable securities and other financial instruments : 41420

0,00

198.098,00

126.360,00

b 1) From Group companies and associates : 41421

0,00

95.863,00

b 2) From third parties : 41422

0,00

198.098,00

30.497,00

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

0,00

15. Financial expenditure: 41500

-69.503,00

-146.004,00

-173.601,00

-222.055,00

-380.364,00

a) Amounts owed to Group companies and associates : 41510

0,00

-713,00

b) For debts with third parties : 41520

-69.503,00

-146.004,00

-173.601,00

-222.055,00

-379.651,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

28.389,00

10.539,00

11.090,00

64.030,00

-2.739,00

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

25.000,00

28.289,00

-73.515,00

-20.550,00

0,00

a) Impairment and losses : 41810

25.000,00

43.515,00

-73.515,00

0,00

b) Results for transfers and other : 41820

0,00

-15.226,00

0,00

-20.550,00

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

238.389,00

169.005,00

3.811,00

19.523,00

-256.743,00

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

10.258.592,00

10.961.397,00

7.619.057,00

4.768.278,00

3.057.099,00

20. Income taxes: 41900

-2.290.668,00

-1.964.691,00

-1.401.258,00

-1.366.958,00

-917.771,00

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

7.967.924,00

8.996.706,00

6.217.799,00

3.401.320,00

2.139.328,00

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

0,00

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

7.967.924,00

8.996.706,00

6.217.799,00

3.401.320,00

2.139.328,00

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

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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

16.487.979,00

16.552.811,00

17.081.553,00

17.196.045,00

17.329.539,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.874.957,00

4.934.401,00

4.988.358,00

4.965.253,00

4.837.231,00

1. Research and development costs:

0,00

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

70.000,00

70.022,00

70.195,00

20.439,00

3. Goodwill:

4.493.549,00

4. Key money paid for premises:

0,00

5. Software:

311.408,00

370.852,00

424.787,00

401.509,00

323.243,00

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:

10.719.427,00

10.642.153,00

11.091.259,00

11.395.731,00

10.940.670,00

1. Land and construction:

9.148.937,00

9.434.794,00

9.767.767,00

10.100.197,00

10.432.627,00

2. Technical installations and machinery:

390.102,00

299.902,00

328.749,00

248.878,00

126.195,00

3. Other installations, tools and furniture:

326.521,00

251.022,00

275.168,00

208.314,00

105.627,00

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

0,00

293.591,00

0,00

5. Other tangible assets:

853.867,00

656.435,00

719.575,00

544.751,00

276.220,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

893.595,00

976.257,00

1.001.936,00

835.061,00

1.551.638,00

1. Equity investments in group companies:

705.015,00

331.500,00

405.015,00

1.421.063,00

2. Receivables from group companies:

168.675,00

242.235,00

544.829,00

300.000,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

19.905,00

29.007,00

125.607,00

130.046,00

130.575,00

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:

60.009.889,00

41.739.809,00

36.364.837,00

32.576.882,00

29.638.411,00

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

0,00

II. Stocks:

12.723.140,00

11.029.399,00

12.161.435,00

11.393.348,00

11.095.764,00

1. Goods for resale:

0,00

41.224,00

62.486,00

83.417,00

2. Raw materials and other consumables:

6.149.019,00

7.226.778,00

6.679.529,00

5.104.593,00

5.034.845,00

3. Goods in process and semifinished ones:

6.382.143,00

3.356.828,00

4.933.286,00

5.447.377,00

4.983.632,00

4. Finished products:

141.894,00

370.514,00

454.094,00

660.331,00

695.099,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

50.084,00

75.279,00

53.302,00

118.561,00

298.771,00

7. Provisions:

0,00

III. Debtors:

22.609.785,00

14.522.581,00

13.829.973,00

9.639.839,00

10.967.587,00

1. Trade debtors / accounts receivable:

17.415.073,00

10.313.967,00

10.729.241,00

5.965.742,00

6.559.103,00

2. Accounts receivable, Group companies:

2.439.144,00

1.688.899,00

1.196.783,00

1.465.374,00

1.115.631,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

943.117,00

10.306,00

22.746,00

29.970,00

9.621,00

5. Staff:

12.167,00

10.488,00

46.238,00

31.296,00

9.801,00

6. Public bodies:

1.800.284,00

2.498.921,00

1.834.965,00

2.147.457,00

3.273.431,00

7. Provisions:

0,00

IV. Short-term investments:

15.904.735,00

12.005.550,00

7.521.412,00

8.762.388,00

5.203.110,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

11.596.894,00

5.048.447,00

51.908,00

0,00

100.000,00

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:

6.840,00

16.102,00

48.503,00

11.387,00

2.109,00

7. Shor term guarantees and deposits:

4.301.001,00

6.941.001,00

7.421.001,00

8.751.001,00

5.101.001,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

8.654.264,00

4.063.038,00

2.762.229,00

2.526.058,00

2.330.475,00

VII. Prepayments and accrued income:

117.965,00

119.241,00

89.788,00

255.249,00

41.475,00

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

76.497.868,00

58.292.620,00

53.446.390,00

49.772.927,00

46.967.950,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

35.420.022,00

29.895.555,00

23.411.311,00

19.718.486,00

18.831.234,00

I. Subscribed capital:

9.900.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

17.552.098,00

10.998.849,00

9.872.490,00

11.082.921,00

12.408.645,00

1. Legal reserve:

1.980.000,00

1.937.037,00

1.596.905,00

1.382.972,00

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:

15.572.098,00

9.018.849,00

7.935.453,00

9.486.016,00

11.025.673,00

6. Differences due to capital adjustment to euros:

0,00

V. Profit or loss brought forward:

0,00

-2.578.978,00

-4.665.755,00

-5.616.739,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-2.578.978,00

-4.665.755,00

-5.616.739,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

7.967.924,00

8.996.706,00

6.217.799,00

3.401.320,00

2.139.328,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

173.699,00

41.765,00

70.843,00

129.115,00

161.940,00

1. Capital grants:

173.699,00

41.765,00

70.843,00

129.115,00

161.940,00

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:

327.143,00

390.743,00

712.880,00

461.018,00

487.880,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

327.143,00

390.743,00

712.880,00

461.018,00

487.880,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

4.806.363,00

3.859.341,00

3.527.941,00

4.733.020,00

6.298.682,00

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:

0,00

362.088,00

1.797.780,00

3.659.648,00

1. Loans and other liabilities:

0,00

29.145,00

549.185,00

2. Long-term liabilities from capital leases:

0,00

362.088,00

1.768.635,00

3.110.463,00

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:

4.806.363,00

3.859.341,00

3.165.853,00

2.935.240,00

2.639.034,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

2.104.816,00

1.382.403,00

1.120.709,00

1.290.706,00

1.373.578,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

2.701.547,00

2.476.938,00

2.045.144,00

1.644.534,00

1.265.456,00

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:

35.770.641,00

24.105.216,00

25.723.415,00

24.731.288,00

21.188.214,00

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:

0,00

470.573,00

1.616.561,00

3.238.445,00

3.196.592,00

1. Loans and other liabilities:

0,00

108.485,00

210.014,00

1.896.466,00

1.916.051,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

362.088,00

1.406.547,00

1.341.979,00

1.280.541,00

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

4.901.116,00

1.528.911,00

1.476.949,00

1.205.412,00

939.092,00

1. Amounts owed to group companies:

4.901.116,00

1.528.911,00

1.476.949,00

1.205.412,00

939.092,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

25.015.752,00

15.029.129,00

17.771.186,00

16.062.620,00

12.831.674,00

1. Advanced payments from customers:

10.462.645,00

3.739.517,00

6.244.864,00

5.887.117,00

3.825.802,00

2. Amounts owed for purchases of goods or services:

14.553.107,00

11.289.612,00

11.526.322,00

10.175.503,00

9.005.872,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

2.075.108,00

3.484.441,00

2.388.883,00

1.937.333,00

1.552.663,00

1. Public bodies:

655.275,00

1.718.046,00

730.133,00

243.969,00

206.333,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

271.267,00

282.481,00

187.979,00

196.785,00

107.661,00

4. Wages and salaries payable:

1.148.566,00

1.483.914,00

1.470.771,00

1.496.579,00

1.238.669,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

3.778.665,00

3.592.162,00

2.469.836,00

2.287.478,00

2.668.193,00

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):

76.497.868,00

58.292.620,00

53.446.390,00

49.772.927,00

46.967.950,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

55.129.986,00

57.355.941,00

50.617.157,00

43.646.948,00

43.291.564,00

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

0,00

1.454.047,00

810.930,00

0,00

2.879.310,00

A.2. Supplies:

24.762.384,00

24.043.392,00

20.765.170,00

18.800.920,00

14.546.153,00

a) Stock consumption:

22.111.721,00

23.510.208,00

21.519.051,00

17.799.773,00

13.836.541,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.379.433,00

193.357,00

-1.124.807,00

747.004,00

492.260,00

c) Miscellaneous external expenditure:

271.230,00

339.827,00

370.926,00

254.143,00

217.352,00

A.3. Staff costs:

14.244.107,00

14.478.788,00

13.831.021,00

13.078.986,00

13.171.618,00

a) Wages, salaries et al.:

10.387.929,00

11.432.917,00

10.665.572,00

10.373.595,00

10.268.513,00

b) Social security costs:

3.856.178,00

3.045.871,00

3.165.449,00

2.705.391,00

2.903.105,00

A.4. Depreciation expense:

673.997,00

702.119,00

681.989,00

670.482,00

630.924,00

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

331.676,00

1.181.630,00

879.738,00

-1.275.879,00

441.970,00

a) Stock provision variation:

0,00

-414.247,00

0,00

b) Variation in provision and bad debt losses:

150.876,00

537.512,00

400.185,00

-391.948,00

201.048,00

c) Variation of other trade provisions:

180.800,00

644.118,00

479.553,00

-469.684,00

240.922,00

A.6. Other operating charges:

12.782.382,00

13.413.559,00

11.999.935,00

10.694.083,00

10.320.715,00

a) External services:

12.675.005,00

13.310.450,00

11.901.571,00

10.609.156,00

10.237.000,00

b) Taxes:

107.377,00

103.109,00

98.364,00

84.927,00

83.715,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

9.933.051,00

10.653.025,00

7.511.029,00

4.770.655,00

3.145.903,00

A.7. Financial and similar charges:

44.503,00

117.715,00

247.116,00

242.605,00

380.364,00

a) Due to liabilities with companies of the group:

0,00

713,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

69.503,00

146.004,00

173.601,00

222.055,00

379.651,00

d) Losses from financial investments:

-25.000,00

-28.289,00

73.515,00

20.550,00

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

2.739,00

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

238.389,00

169.005,00

3.811,00

19.523,00

0,00

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

10.171.440,00

10.822.030,00

7.514.840,00

4.790.178,00

2.889.160,00

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:

269,00

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

68.793,00

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):

87.152,00

139.367,00

104.217,00

0,00

167.939,00

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

10.258.592,00

10.961.397,00

7.619.057,00

4.768.278,00

3.057.099,00

A.15. Corporation tax:

2.290.668,00

1.964.691,00

1.401.258,00

1.366.958,00

917.771,00

A.16. Miscellaneous taxes:

0,00

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

7.967.924,00

8.996.706,00

6.217.799,00

3.401.320,00

2.139.328,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

63.097.910,00

66.352.647,00

56.834.956,00

47.048.268,00

45.430.892,00

B.1. Net total sales:

58.004.152,00

65.237.230,00

56.016.722,00

45.889.619,00

44.655.222,00

a) Sales:

54.120.746,00

61.126.012,00

52.798.224,00

42.447.675,00

42.121.318,00

b) Rendering of services:

3.883.406,00

4.111.218,00

3.218.498,00

3.441.944,00

2.533.904,00

Returns and Rappel on sales:

0,00

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

3.548.368,00

0,00

431.719,00

0,00

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

0,00

B.4. Miscellaneous operating income:

1.175.077,00

689.330,00

463.090,00

417.909,00

481.371,00

a) Auxiliary income and other from current management:

1.175.077,00

676.872,00

447.558,00

397.333,00

462.292,00

b) Grants:

0,00

12.458,00

15.532,00

20.576,00

19.079,00

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:

254.503,00

276.181,00

239.837,00

0,00

a) In companies of the group:

206.697,00

242.304,00

196.855,00

0,00

b) In associated companies:

0,00

c) Third parties:

47.806,00

33.877,00

42.982,00

0,00

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

0,00

166.576,00

25.644,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

166.576,00

25.644,00

B.7. Miscellaneous interests or similar income:

0,00

31.522,00

100.716,00

a) From companies of the group:

0,00

95.863,00

b) From associated companies:

0,00

c) Miscellaneous interests:

0,00

31.522,00

4.853,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

28.389,00

10.539,00

11.090,00

64.030,00

0,00

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

0,00

256.743,00

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:

68.770,00

119.347,00

83.246,00

46.893,00

69.807,00

B.12. Extraordinary income:

18.651,00

20.020,00

20.971,00

0,00

98.132,00

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

0,00

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

0,00

21.900,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

10.258.592,00

10.961.397,00

7.619.057,00

4.768.278,00

3.057.099,00

2. Results adjustments.: 61200

333.378,00

2.276.659,00

2.181.869,00

911.694,00

2.611.530,00

a) Fixed Assets Amortization (+).: 61201

673.997,00

702.119,00

681.989,00

670.482,00

630.924,00

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

-192.027,00

848.202,00

518.527,00

278.343,00

659.189,00

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

158.299,00

925.361,00

879.738,00

-47.205,00

1.134.481,00

d) Allocation of grants (-).: 61204

-68.771,00

-119.347,00

83.246,00

-46.893,00

-69.807,00

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

269,00

11.673,00

0,00

12.461,00

0,00

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

0,00

28.289,00

0,00

g) Financial income (-).: 61207

-254.503,00

-276.181,00

-239.837,00

-198.098,00

-126.360,00

h) Financial Expenses (+). : 61208

69.503,00

146.004,00

173.601,00

222.055,00

380.364,00

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

-28.389,00

10.539,00

11.090,00

0,00

2.739,00

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

-25.000,00

0,00

73.515,00

0,00

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

0,00

20.549,00

0,00

3. Changes in current capital equity.: 61300

1.507.239,00

-2.316.450,00

-4.115.003,00

-576.671,00

-3.182.545,00

a) Stock (+/-).: 61301

-1.394.273,00

540.103,00

-1.286.615,00

-1.204.877,00

3.263.779,00

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

-9.093.849,00

-1.078.627,00

-4.910.517,00

1.032.733,00

-318.874,00

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

1.276,00

-29.453,00

0,00

-3.773.052,00

-2.262.109,00

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

12.029.478,00

-1.748.473,00

1.954.295,00

3.728.897,00

-3.294.084,00

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

-35.393,00

0,00

127.834,00

-360.372,00

-571.257,00

4. Other cash flows for operating activities.: 61400

-1.080.094,00

-1.349.247,00

-302.647,00

-23.957,00

-254.004,00

a) Interest payments (-). : 61401

-76.170,00

-146.004,00

-173.601,00

-222.055,00

-380.364,00

c) Interest collection (+). : 61403

215.318,00

276.181,00

239.837,00

198.098,00

126.360,00

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

-1.219.242,00

-1.479.424,00

0,00

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

0,00

-368.883,00

0,00

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

11.019.115,00

9.572.359,00

5.383.276,00

5.079.344,00

2.232.080,00

6. Payments for investment (-).: 62100

-7.480.624,00

-4.697.477,00

-696.959,00

-608.500,00

-2.166.792,00

a) Companies of the group and affiliates. : 62101

0,00

-296.737,00

-300.000,00

-1.089.563,00

b) Intangible fixed assets. : 62102

-140.184,00

-147.104,00

-202.276,00

-241.358,00

-307.659,00

c) Fixed assets. : 62103

-914.000,00

-63.625,00

-197.946,00

-40.040,00

-767.084,00

e) Other financial assets. : 62105

-6.426.440,00

-4.486.748,00

0,00

-27.102,00

-2.486,00

7. Divestment payment collection (+). : 62200

2.674.102,00

0,00

1.297.323,00

38.502,00

685.985,00

b) Intangible fixed assets. : 62202

0,00

80.000,00

c) Fixed assets. : 62203

0,00

1.297.323,00

37.973,00

605.985,00

e) Other financial assets. : 62205

2.674.102,00

0,00

529,00

0,00

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

-4.806.522,00

-4.697.477,00

600.364,00

-569.998,00

-1.480.807,00

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

0,00

105.208,00

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

0,00

105.208,00

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

878.633,00

-1.074.073,00

-3.236.379,00

-1.813.763,00

-832.119,00

a) Issuance : 63201

1.532.942,00

0,00

274.282,00

903.373,00

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

1.532.942,00

0,00

274.282,00

903.373,00

b) Repayment and amortization of : 63207

-654.309,00

-1.074.073,00

-3.236.379,00

-2.088.045,00

-1.735.492,00

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

-654.309,00

-1.074.073,00

-3.236.379,00

-2.088.045,00

-1.735.492,00

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

-2.500.000,00

0,00

a) Dividends (-).: 63301

-2.500.000,00

0,00

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

-1.621.367,00

-3.574.073,00

-5.736.379,00

-4.313.763,00

-726.911,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

-11.090,00

0,00

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

4.591.226,00

1.300.809,00

236.171,00

195.583,00

24.362,00

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

4.063.038,00

2.762.229,00

2.526.058,00

2.330.475,00

2.306.113,00

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

8.654.264,00

4.063.038,00

2.762.229,00

2.526.058,00

2.330.475,00

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:

0,08 %

0,01 %

0,02 %

0,01 %

296,96 %

84,79 %

EBITDA over Sales:

18,29 %

11,53 %

17,41 %

9,22 %

5,06 %

25,03 %

Cash Flow Yield:

0,06 %

0,01 %

0,02 %

0,00 %

168,96 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

16,75 %

7,03 %

23,77 %

5,14 %

-29,53 %

36,84 %

Total economic profitability:

13,50 %

3,70 %

19,05 %

2,32 %

-29,14 %

59,91 %

Financial profitability:

22,54 %

4,06 %

30,11 %

0,65 %

-25,14 %

521,18 %

Margin:

16,90 %

6,87 %

16,34 %

4,80 %

3,43 %

43,04 %

Mark-up:

17,30 %

4,51 %

16,60 %

1,40 %

4,26 %

223,02 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,27

0,13

0,20

0,12

36,57

13,62

Acid Test:

1,43

0,87

1,44

0,85

-0,22

2,05

Working Capital / Investment:

0,30

0,05

0,28

0,03

5,83

82,92

Solvency:

1,88

1,18

2,03

1,18

-7,81

0,28

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,02

1,38

0,80

1,62

27,48

-14,58

Borrowing Composition:

0,15

1,00

0,19

1,03

-20,15

-2,33

Repayment Ability:

8,01

99,21

18,74

188,71

-57,22

-47,43

Warranty:

2,08

1,73

2,39

1,63

-13,08

6,62

Generated resources / Total creditors:

0,23

0,08

0,40

0,06

-40,98

25,26

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,74

1,86

1,78

1,72

-2,22

8,27

Turnover of Collection Rights :

2,78

4,99

4,92

4,79

-43,53

4,14

Turnover of Payment Entitlements:

1,31

3,62

1,88

3,51

-30,60

3,19

Stock rotation:

3,87

7,32

5,01

6,47

-22,77

13,10

Assets turnover:

0,99

1,02

1,45

1,07

-31,87

-4,33

Borrowing Cost:

0,19

2,88

0,60

2,95

-68,47

-2,32

> 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:

0,08 %

0,02 %

0,00 %

EBITDA over Sales:

18,29 %

17,41 %

14,63 %

11,86 %

8,46 %

Cash Flow Yield:

0,06 %

0,02 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

16,75 %

23,77 %

16,91 %

11,99 %

8,00 %

Total economic profitability:

13,50 %

19,05 %

14,58 %

10,03 %

7,32 %

Financial profitability:

22,54 %

30,11 %

26,59 %

17,30 %

11,40 %

Margin:

16,90 %

16,34 %

13,45 %

10,40 %

7,12 %

Mark-up:

17,30 %

16,60 %

13,45 %

10,45 %

6,56 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,27

0,20

0,12

0,11

0,13

Acid Test:

1,43

1,44

0,98

0,87

0,88

Working Capital / Investment:

0,30

0,28

0,18

0,13

Solvency:

1,88

2,03

1,56

1,45

1,60

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,02

0,80

1,11

1,34

1,27

Borrowing Composition:

0,15

0,19

0,15

0,21

0,34

Repayment Ability:

8,01

18,74

113,40

138,95

1.018,75

Warranty:

2,08

2,39

2,00

1,83

1,89

Generated resources / Total creditors:

0,23

0,40

0,26

0,14

0,11

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,74

1,78

1,59

1,42

1,29

Turnover of Collection Rights :

2,78

4,92

4,49

5,59

5,20

Turnover of Payment Entitlements:

1,31

1,88

1,53

1,51

1,47

Stock rotation:

3,87

5,01

4,03

3,65

3,78

Assets turnover:

0,99

1,45

1,26

1,15

1,12

Borrowing Cost:

0,19

0,60

0,65

0,82

1,53

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.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

48.140,00

Notes

traspasados a la cuenta de pérdidas y ganancias.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

83.246,00

Notes

El importe reflejado corresponde al traspasado a la cuenta de pérdidas y ganancias.

Research Summary

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.66.99
UK Pound	1	Rs.101.78
Euro	1	Rs.73.47
Eur	1	Rs. 73.86

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ASH

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.

Identification
Social Denomination:	VOLPAK S.A.
NIF / Fiscal code:	A80280407
Corporate Status:	ACTIVE
Start of activity:	1992
Registered Office:	C/ CAN VIÑALETS, 4 -POLIG.IND.CAN VIÑALETS.
Locality:	SANTA PERPETUA DE MOGODA
Province:	BARCELONA
Postal Code:	08130
Telephone:	935 446 700
Fax:	935 741 136
Website:	www.volpak.com
Email:	main@volpak.com
Interviewed Person:	The hereby information has been obtained through indirect sources in light of the people responsible for the subject company refusing to collaborate with the present work.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

number of Employees

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit