MIRA INFORM REPORT

Report No. :	355757
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	NOKEN DESIGN S.A.

Registered Office :	Crta. Villarreal Puebla De Arenoso Cv 20, Km 2. - Villarreal/Vila-Real - 12540 - Castellón

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	05.04.2001

Legal Form :	Public Company

Line of Business :	Wholesale of wood, construction materials and sanitary equipment

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	No complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – 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:

NOKEN DESIGN S.A.

NIF / Fiscal code:

A12556148

Status:

ACTIVE

Incorporation Date:

05/04/2001

Register Data

Last Publication in BORME:

18/11/2015 [Appointments]

Last Published Account Deposit:

2014

Share Capital:

76.000

Localization:

CRTA. VILLARREAL PUEBLA DE ARENOSO CV 20, KM 2. - VILLARREAL/VILA-REAL - 12540 - CASTELLÓN

Telephone - Fax - Email - Website:

Telephone. 964 506 450 Email. noken@noken.com Website. www.noken.com

Number of Branches

Activity:

NACE:

4673 - Wholesale of wood, construction materials and sanitary equipment

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

14 for a total cost of 131649.18

Quality Certificate:

Scoring and Risk:

Payment Behaviour:

According to the agreed terms

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:

OTROS ACCIONISTAS DE NOKEN DESIGN, S.A.

100 %

MOSEL INTERNATIONAL S.L

27.3 %

SORMAN SOCIEDAD ANONIMA

45.39 %

Enquiry Details

Business address regime:

Owned

Identification
Social Denomination:	NOKEN DESIGN S.A.
NIF / Fiscal code:	A12556148
Corporate Status:	ACTIVE
Start of activity:	2001
Registered Office:	CRTA. VILLARREAL PUEBLA DE ARENOSO CV 20, KM 2.
Locality:	VILLARREAL/VILA-REAL
Province:	CASTELLÓN
Postal Code:	12540
Telephone:	964 506 450
Fax:	964 506 790
Website:	www.noken.com
Email:	noken@noken.com
Interviewed Person:	Employee

Branch Offices

Address

Postal Code

City

Province

CALLE VILA REAL PUEBLA ARENOSO

12540

VILLARREAL/VILA-REAL

CASTELLON

Activity

NACE:

4673

Corporate Purpose:

MANUFACTURE, SALE, IMPORT AND EXPORT OF BATHROOM ACCESSORIES. CONSTRUCTION, PROMOTION, SALE, LEASING EXCLUDING LEASING OF PROPERTIES. FINANCIAL, LEGAL URBAN PLANNING, MARKETING, PERSONNEL, HUMAN AND TECHNOLOGICAL RESOURCES CONSULTING. BUSINESS MANAGEMENT CONSULTANCY, PUBLICITY AND PROMOTION.

Additional Information:

It is engaged in the design and manufacture of bath equipment. It belongs to the Group PORCELANOSA.

Additional Address:

CRTA. VILLARREAL PUEBLA DE ARENOSO CV 20, KM 2. 12540 VILLARREAL (CASTELLON), registered office, offices, factory and warehouse, owned.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

2001

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

2002

Accounts deposit (year 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Correction (2) Other Concepts/ Events (1)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (year 2003)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (year 2006) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

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

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (2)

2013

Accounts deposit (year 2011, 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2015

Accounts deposit (year 2014) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

76.000

Paid up capital:

76.000

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

03/05/2001

Company Formation

76.000

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

MEMBER OF THE BOARD

MOSEL INTERNATIONAL SL

12/08/2014

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

JOINT CHIEF EXECUTIVE OFFICER

ERMITA 61 SOCIEDAD LIMITADA

12/08/2014

SORMAN SOCIEDAD ANONIMA

12/08/2014

PROXY

COLONQUES GARCIA PLANAS ANA

11/11/2015

MEZQUITA RENAU MANUEL MIGUEL

31/01/2011

ALMELA LLOP SALVADOR

19/09/2008

MESEGUER BASIERO JOSE

13/02/2008

MAÑA BROCH PABLO

30/01/2006

RAMOS USO JUAN FRANCISCO

16/10/2002

COLONQUES MORENO HECTOR

07/01/2002

SECRETARY

SORMAN SOCIEDAD ANONIMA

12/08/2014

ACCOUNTS' AUDITOR / HOLDER

DINAMIC AUDITORS SA

07/02/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

COLONQUES MORENO MANUEL MIGUEL

MEMBER OF THE BOARD

19/05/2006

MEMBER OF THE BOARD

14/04/2009

MEMBER OF THE BOARD

12/08/2014

JOINT CHIEF EXECUTIVE OFFICER

12/08/2014

CHIEF EXECUTIVE OFFICER

19/05/2006

CHIEF EXECUTIVE OFFICER

14/04/2009

PRESIDENT

19/05/2006

PRESIDENT

14/04/2009

PRESIDENT

12/08/2014

CONSULTORES Y AUDITORES SA

ACCOUNTS' AUDITOR / HOLDER

11/01/2013

ACCOUNTS' AUDITOR / HOLDER

07/02/2014

DIAGO GARCIA MANUEL

PROXY

11/11/2015

GAITAR 2002 SL

MEMBER OF THE BOARD

14/09/2005

SECRETARY

14/09/2005

MESEGUER BASIERO JOSE

MEMBER OF THE BOARD

12/08/2014

MOSEL INTERNATIONAL SOCIEDAD ANONIMA

MEMBER OF THE BOARD

14/09/2005

JOINT CHIEF EXECUTIVE OFFICER

14/09/2005

VICE SECRETARY

14/09/2005

PARRA SORIANO FERNANDO

MEMBER OF THE BOARD

14/04/2009

RAFERFOLIO SOCIEDAD LIMITADA

MEMBER OF THE BOARD

14/09/2005

MEMBER OF THE BOARD

19/05/2006

RASORMAN SOCIEDAD LIMITADA

MEMBER OF THE BOARD

16/10/2002

RUBERT CANDIDO JAVIER

PROXY

12/02/2008

SAPORTA ROCHERA JOSE PASCUAL

MEMBER OF THE BOARD

14/09/2005

JOINT CHIEF EXECUTIVE OFFICER

14/09/2005

PRESIDENT

14/09/2005

SERRA SAPORTA HECTOR

PROXY

05/02/2007

SORMAN SOCIEDAD ANONIMA

MEMBER OF THE BOARD

14/09/2005

SECRETARY

19/05/2006

MEMBER OF THE BOARD

19/05/2006

VICE CHAIRMAN

14/09/2005

MEMBER OF THE BOARD

14/09/2005

MEMBER OF THE BOARD

19/05/2006

JOINT CHIEF EXECUTIVE OFFICER

12/08/2014

MEMBER OF THE BOARD

12/08/2014

SECRETARY

14/04/2009

MEMBER OF THE BOARD

14/04/2009

SECRETARY

12/08/2014

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 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.

The current debt represents a 29.25of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

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

Although it is in a new stage of Consolidationit is part of a group distinguished by a downturn in the market.

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

Probability of default

> Estimated Probability of Default for the next 12 months: 0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

467 Other specialised wholesale

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 NOKEN DESIGN 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 0.386%.

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

Not published

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

Not published

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

Not published

Incidences with the Social Security

Not published

Incidences with the Autonomous Administration

Not published

Incidences with the Local Administration

Not published

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

Not published

Proceedings by the old Civil Procedural Law 1.881

Not published

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Proceedings before the Industrial Tribunal

Not published

Link List

HAS IN ITS ADMINISTRATION BOARD TO:

3 Entities

IS RELATED WITH:

18 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

OTROS ACCIONISTAS DE NOKEN DESIGN, S.A.

100

MOSEL INTERNATIONAL S.L

CASTELLON

27.3

SORMAN SOCIEDAD ANONIMA

CASTELLON

45.39

PARTICIPATES IN

PORSAFIN GRUPO AIE

CASTELLON

11.96

PORCELANOSA GRUPO A.I.E

CASTELLON

12.5

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	\| \|
	EUROCERAMIQUE SAS
	PORCELANOSA ALGRAVE COM MAT CONST S
	PORCELANOSA CHILE SPA
	PORCELANOSA COLOMBIA SAS
	PORCELANOSA FLORIDA INC
	PORCELANOSA G ITAL CONSORZIO
	PORCELANOSA PERU SAC
	PORCELANOSA SOUTH WEST, S.A.
	PORCELANOSA TEXAS CORPORATION
	PORCELANOSA TOULOUSE SAS
	PORFRANCE SAS
	PORVEN REAL ESTATE INC
	SANITARIOS JOSE OTERO, S.A.
	VENISPOR ITALIA SPA
	BIGILY 2001 SA	CASTELLON
	SORMAN GESTION INMOBILIARIA SOCIEDAD LIMITADA	CASTELLON
	AUSTRAL-3 SL	CASTELLON
IS RELATED WITH	CADICER SA	CADIZ
HAS IN ITS ADMINISTRATION BOARD TO	ERMITA 61 SOCIEDAD LIMITADA	CASTELLON
	MOSEL INTERNATIONAL S.L	CASTELLON
	SORMAN SOCIEDAD ANONIMA	CASTELLON

Turnover

Total Sales 2014

37.520.773,63

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

2014

Normales

July 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

May 2013

2010

Normales

September 2011

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

October 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

July 2003

2001

Normales

September 2002

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 31/12/2014

> Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010 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

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

8.231.812,00

8.360.679,00

8.677.647,00

8.731.069,00

8.739.061,00

I. Intangible fixed assets : 11100

115.889,00

135.736,00

189.104,00

274.428,00

358.241,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

115.889,00

135.736,00

189.104,00

274.428,00

358.241,00

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

5.023.859,00

5.123.359,00

5.304.262,00

5.189.767,00

5.035.025,00

1. Land and buildings: 11210

1.895.922,00

1.929.356,00

1.936.198,00

1.581.167,00

1.331.832,00

2. Technical installations and other tangible fixed assets: 11220

3.127.937,00

3.194.003,00

3.368.064,00

3.601.364,00

3.703.193,00

3. Tangible asset in progress and advances: 11230

0,00

7.236,00

0,00

III. Real estate investment: 11300

2.611.788,00

2.665.903,00

2.793.513,00

2.847.628,00

2.879.206,00

1. Land: 11310

152.605,00

137.803,00

2. Buildings: 11320

2.459.183,00

2.513.298,00

2.640.909,00

2.695.024,00

2.741.403,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

390.767,00

419.246,00

443.627,00

1. Equity instruments: 11510

10.755,00

9.873,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

29.361,00

50.252,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

380.012,00

383.502,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

89.510,00

44.915,00

0,00

22.963,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

24.553.104,00

20.843.625,00

20.497.837,00

22.759.024,00

25.253.970,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

11.325.473,00

9.248.906,00

10.139.739,00

10.550.940,00

11.229.261,00

1. Commercial: 12210

11.229.083,00

9.125.401,00

9.980.486,00

10.348.923,00

11.047.157,00

2. Primary material and other supplies: 12220

50.449,00

47.658,00

70.397,00

97.383,00

87.828,00

3. Work in progress: 12230

145,00

0,00

6.240,00

188,00

109,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

145,00

0,00

6.240,00

188,00

109,00

4. Finished goods: 12240

45.796,00

75.847,00

82.615,00

104.446,00

94.166,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

45.796,00

75.847,00

82.615,00

104.446,00

94.166,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

10.859.761,00

10.352.050,00

10.268.790,00

12.195.703,00

13.964.715,00

1. Trade debtors / accounts receivable: 12310

9.873.505,00

9.943.096,00

9.543.504,00

11.966.615,00

13.796.651,00

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

0,00

b) Customers for sales and provisions of services : 12312

9.873.505,00

9.943.096,00

9.543.504,00

11.966.615,00

13.796.651,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

5.046,00

6.943,00

2.900,00

6.759,00

21.500,00

5. Assets for deferred tax: 12350

0,00

793,00

53.355,00

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

981.210,00

402.012,00

721.593,00

221.535,00

93.208,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

2.364.691,00

1.237.693,00

27.512,00

2.962,00

11.943,00

1. Equity instruments: 12510

0,00

15.478,00

10.065,00

0,00

2. Credits to businesses: 12520

2.361.534,00

1.207.435,00

0,00

2.962,00

118,00

3. Debt securities: 12530

0,00

14.780,00

10.044,00

0,00

4. Derivatives : 12540

0,00

11.825,00

5. Other financial assets : 12550

3.157,00

0,00

7.403,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

3.629,00

56.897,00

251,00

36.661,00

VII. Cash and other equivalent liquid assets : 12700

3.179,00

1.347,00

4.900,00

9.167,00

11.390,00

1. Treasury: 12710

3.179,00

1.347,00

4.900,00

9.167,00

11.390,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

32.784.917,00

29.204.304,00

29.175.484,00

31.490.093,00

33.993.031,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

23.129.160,00

22.160.400,00

21.752.272,00

21.065.154,00

20.381.563,00

A-1) Shareholders' equity: 21000

23.129.160,00

22.160.400,00

21.752.272,00

21.065.154,00

20.381.563,00

I. Capital: 21100

76.000,00

1. Registered capital : 21110

76.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

22.084.400,00

21.372.272,00

20.989.154,00

20.305.563,00

18.870.015,00

1. Legal and statutory: 21310

15.200,00

2. Other reserves: 21320

22.069.200,00

21.357.072,00

20.973.954,00

20.290.363,00

18.854.815,00

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

968.760,00

712.128,00

687.118,00

683.591,00

1.435.548,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

67.413,00

71.483,00

462.108,00

3.032.647,00

6.308.249,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

0,00

462.108,00

3.032.647,00

6.308.249,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

462.108,00

3.032.647,00

6.308.249,00

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

0,00

IV. Liabilities for deferred tax: 31400

67.413,00

71.483,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

9.588.344,00

6.972.421,00

6.961.104,00

7.392.292,00

7.303.219,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

1.451.591,00

1.301.868,00

768.540,00

762.836,00

795.300,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.236.546,00

1.298.311,00

659.661,00

597.903,00

804.180,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

79.834,00

5. Other financial liabilities : 32350

215.045,00

3.557,00

108.880,00

164.933,00

-88.714,00

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

0,00

V. Trade creditors and other accounts payable: 32500

8.136.753,00

5.670.553,00

6.192.563,00

6.629.456,00

6.497.119,00

1. Suppliers: 32510

4.267.733,00

2.861.041,00

3.370.684,00

3.992.237,00

3.978.285,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

4.267.733,00

2.861.041,00

3.370.684,00

3.992.237,00

3.978.285,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

2.527.357,00

1.518.426,00

1.727.642,00

1.748.884,00

1.577.221,00

4. Personnel (remuneration due): 32540

707.023,00

726.726,00

705.514,00

634.883,00

592.340,00

5. Liabilities for current tax: 32550

7.987,00

21.920,00

10.798,00

0,00

138.928,00

6. Other accounts payable to Public Administrations.: 32560

288.328,00

287.621,00

283.681,00

240.310,00

210.345,00

7. Advances from clients: 32570

338.326,00

254.818,00

94.244,00

13.142,00

0,00

VI. Short-term accruals: 32600

0,00

10.799,00

VII. Special short-term debts : 32700

0,00

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

32.784.917,00

29.204.304,00

29.175.484,00

31.490.093,00

33.993.031,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

37.520.774,00

35.946.159,00

36.268.497,00

35.819.201,00

36.839.863,00

a) Sales: 40110

37.520.774,00

35.946.159,00

36.271.715,00

35.819.246,00

36.839.918,00

b) Rendering of services: 40120

0,00

-3.218,00

-45,00

-56,00

c) Income of financial nature of holding companies: 40130

0,00

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

-29.906,00

-13.008,00

-15.780,00

10.359,00

-45.904,00

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

0,00

4. Supplies : 40400

-22.898.518,00

-21.895.373,00

-22.105.766,00

-22.583.002,00

-22.900.663,00

a) Stock consumption: 40410

-21.804.464,00

-20.932.106,00

-21.286.946,00

-21.702.559,00

-22.566.320,00

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

-476.230,00

-426.005,00

-357.412,00

-352.116,00

-319.225,00

c) Works carried out by other companies: 40430

-367.410,00

-433.143,00

-300.791,00

-301.178,00

-49.573,00

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

-250.414,00

-104.118,00

-160.617,00

-227.149,00

34.456,00

5. Other operating income: 40500

572.551,00

721.185,00

759.234,00

988.093,00

620.455,00

a) Auxiliary income and other from current management: 40510

562.255,00

710.136,00

738.911,00

942.385,00

599.763,00

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

10.296,00

11.049,00

20.324,00

45.709,00

20.692,00

6. Personnel costs: 40600

-4.153.232,00

-4.317.285,00

-4.063.569,00

-3.866.898,00

-3.865.479,00

a) Wages, salaries et al.: 40610

-3.167.926,00

-3.344.563,00

-3.146.042,00

-2.964.073,00

-2.975.586,00

b) Social security costs: 40620

-985.306,00

-972.722,00

-917.527,00

-902.825,00

-889.893,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-9.374.293,00

-8.758.486,00

-9.166.691,00

-8.720.032,00

-7.911.104,00

a) External services: 40710

-8.517.682,00

-8.723.831,00

-8.848.277,00

-8.525.510,00

-7.927.608,00

b) Taxes: 40720

-19.519,00

-16.550,00

-18.074,00

-14.896,00

-18.740,00

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

-142.961,00

-17.828,00

-300.011,00

-97.875,00

35.244,00

d) Other current management expenditure : 40740

-694.130,00

-277,00

-329,00

-81.751,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-497.608,00

-499.059,00

-527.210,00

-527.845,00

-475.501,00

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

1.564,00

-19.973,00

-40.466,00

-663,00

317,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

1.564,00

-19.973,00

-40.466,00

-663,00

317,00

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

-15.565,00

-26.653,00

-35.222,00

-25.842,00

9.051,00

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

1.125.766,00

1.137.508,00

1.073.029,00

1.093.372,00

2.271.035,00

14. Financial income : 41400

21.975,00

11.056,00

2.847,00

3.226,00

4.174,00

a) Of shares in equity instruments : 41410

4,00

870,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

4,00

870,00

0,00

b) From negotiable securities and other financial instruments : 41420

21.971,00

10.187,00

2.847,00

3.226,00

4.174,00

b 1) From Group companies and associates : 41421

0,00

232,00

156,00

0,00

b 2) From third parties : 41422

21.971,00

10.187,00

2.615,00

3.070,00

4.174,00

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

0,00

15. Financial expenditure: 41500

-33.647,00

-51.662,00

-93.069,00

-232.423,00

-193.291,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-33.647,00

-51.662,00

-93.069,00

-232.423,00

-193.291,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

9.059,00

9.284,00

-9.251,00

-36.111,00

-97.117,00

a) Trading book and other : 41610

9.059,00

9.284,00

-9.251,00

-36.111,00

-97.117,00

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

0,00

17. Exchange rate differences : 41700

260.635,00

-90.697,00

7.372,00

88.027,00

123.082,00

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

0,00

-86.707,00

a) Impairment and losses : 41810

0,00

-86.707,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

258.021,00

-122.019,00

-92.102,00

-177.281,00

-249.859,00

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

1.383.787,00

1.015.490,00

980.927,00

916.091,00

2.021.176,00

20. Income taxes: 41900

-415.027,00

-303.361,00

-293.809,00

-232.500,00

-585.628,00

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

968.760,00

712.128,00

687.118,00

683.591,00

1.435.548,00

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

0,00

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

968.760,00

712.128,00

687.118,00

683.591,00

1.435.548,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010 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 2014 2013 2012 2011 2010 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2014

2013

2012

2011

2010

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

8.142.302,00

8.315.764,00

8.677.647,00

8.731.069,00

8.716.098,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

115.889,00

135.736,00

189.104,00

274.428,00

358.241,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

115.889,00

135.736,00

189.104,00

274.428,00

358.241,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

7.635.646,00

7.789.261,00

8.097.776,00

8.037.395,00

7.914.231,00

1. Land and construction:

4.507.709,00

4.595.259,00

4.729.712,00

4.428.796,00

4.211.038,00

2. Technical installations and machinery:

1.063.397,00

1.085.857,00

1.145.032,00

1.224.347,00

1.258.965,00

3. Other installations, tools and furniture:

1.666.561,00

1.701.761,00

1.794.500,00

1.918.802,00

1.973.057,00

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

0,00

7.236,00

0,00

5. Other tangible assets:

397.979,00

406.385,00

428.531,00

458.215,00

471.171,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

390.767,00

419.246,00

443.627,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

10.755,00

39.234,00

60.125,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

380.012,00

383.502,00

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:

24.642.615,00

20.888.540,00

20.497.837,00

22.759.024,00

25.265.108,00

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

0,00

II. Stocks:

11.325.473,00

9.248.906,00

10.139.739,00

10.550.940,00

11.229.261,00

1. Goods for resale:

11.229.083,00

9.125.401,00

9.980.486,00

10.348.923,00

11.047.157,00

2. Raw materials and other consumables:

50.449,00

47.658,00

70.397,00

97.383,00

87.828,00

3. Goods in process and semifinished ones:

145,00

0,00

6.240,00

188,00

109,00

4. Finished products:

45.796,00

75.847,00

82.615,00

104.446,00

94.166,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

10.949.272,00

10.396.966,00

10.268.790,00

12.195.703,00

13.987.678,00

1. Trade debtors / accounts receivable:

9.873.505,00

9.943.096,00

9.543.504,00

11.966.615,00

13.796.651,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

5.046,00

6.943,00

2.900,00

6.759,00

21.500,00

6. Public bodies:

1.070.720,00

446.927,00

722.386,00

222.329,00

169.526,00

7. Provisions:

0,00

IV. Short-term investments:

2.364.691,00

1.237.693,00

27.512,00

2.962,00

118,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

30.258,00

20.109,00

0,00

6. Other receivables:

2.361.534,00

1.207.435,00

0,00

2.962,00

118,00

7. Shor term guarantees and deposits:

3.157,00

0,00

7.403,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

3.179,00

1.347,00

4.900,00

9.167,00

11.390,00

VII. Prepayments and accrued income:

0,00

3.629,00

56.897,00

251,00

36.661,00

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

32.784.917,00

29.204.304,00

29.175.484,00

31.490.093,00

33.981.206,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

23.129.160,00

22.160.400,00

21.752.272,00

21.065.154,00

20.449.573,00

I. Subscribed capital:

76.000,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

22.084.400,00

21.372.272,00

20.989.154,00

20.305.563,00

18.938.025,00

1. Legal reserve:

15.200,00

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:

22.069.200,00

21.357.072,00

20.973.954,00

20.290.363,00

18.922.825,00

6. Differences due to capital adjustment 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:

968.760,00

712.128,00

687.118,00

683.591,00

1.435.548,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

67.413,00

71.483,00

462.108,00

3.032.647,00

6.308.249,00

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

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

67.413,00

71.483,00

462.108,00

3.032.647,00

6.308.249,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

461.991,00

3.031.878,00

6.306.649,00

3. Long term guarantees and deposits received:

0,00

117,00

769,00

1.600,00

4. Long term payables to public bodies:

67.413,00

71.483,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

9.588.344,00

6.972.421,00

6.961.104,00

7.392.292,00

7.223.384,00

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:

1.236.546,00

1.298.311,00

659.661,00

597.903,00

804.180,00

1. Loans and other liabilities:

1.236.546,00

1.298.311,00

659.661,00

597.903,00

804.180,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

7.133.416,00

4.634.286,00

5.192.570,00

5.754.263,00

5.555.506,00

1. Advanced payments from customers:

338.326,00

254.818,00

94.244,00

13.142,00

0,00

2. Amounts owed for purchases of goods or services:

6.795.090,00

4.379.468,00

5.098.327,00

5.741.121,00

5.555.506,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.218.382,00

1.039.824,00

1.108.873,00

1.040.126,00

852.899,00

1. Public bodies:

296.315,00

309.541,00

294.479,00

240.310,00

349.273,00

2. Bills of exchange payable:

81.954,00

1.355,00

41.494,00

62.856,00

-33.809,00

3. Miscellaneous debts:

133.091,00

2.201,00

67.386,00

102.077,00

-54.905,00

4. Wages and salaries payable:

707.023,00

726.726,00

705.514,00

634.883,00

592.340,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

10.799,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

32.784.917,00

29.204.304,00

29.175.484,00

31.490.093,00

33.981.206,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

37.417.797,00

35.975.557,00

36.350.833,00

36.225.316,00

36.161.394,00

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

29.906,00

13.008,00

15.780,00

0,00

45.904,00

A.2. Supplies:

22.648.103,00

21.791.255,00

21.945.149,00

22.355.853,00

22.935.118,00

a) Stock consumption:

21.804.464,00

20.932.106,00

21.286.946,00

21.702.559,00

22.566.320,00

b) Consumption of raw materials and miscellaneous consumable ones:

476.230,00

426.005,00

357.412,00

352.116,00

319.225,00

c) Miscellaneous external expenditure:

367.410,00

433.143,00

300.791,00

301.178,00

49.573,00

A.3. Staff costs:

4.153.232,00

4.317.285,00

4.063.569,00

3.866.898,00

3.865.479,00

a) Wages, salaries et al.:

3.167.926,00

3.344.563,00

3.146.042,00

2.964.073,00

2.975.586,00

b) Social security costs:

985.306,00

972.722,00

917.527,00

902.825,00

889.893,00

A.4. Depreciation expense:

497.608,00

499.059,00

527.210,00

527.845,00

475.501,00

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

393.375,00

121.946,00

460.627,00

325.023,00

-69.700,00

a) Stock provision variation:

250.414,00

104.118,00

160.617,00

227.149,00

-34.456,00

b) Variation in provision and bad debt losses:

142.961,00

17.828,00

300.011,00

97.875,00

-35.244,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

9.231.332,00

8.740.658,00

8.866.680,00

8.622.158,00

7.946.349,00

a) External services:

8.517.682,00

8.723.831,00

8.848.277,00

8.525.510,00

7.927.608,00

b) Taxes:

19.519,00

16.550,00

18.074,00

14.896,00

18.740,00

c) Other operating expenses:

694.130,00

277,00

329,00

81.751,00

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):

1.139.767,00

1.184.134,00

1.148.717,00

1.119.876,00

2.261.667,00

A.7. Financial and similar charges:

33.647,00

51.662,00

93.069,00

232.423,00

193.291,00

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.:

33.647,00

51.662,00

93.069,00

232.423,00

193.291,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

9.251,00

36.111,00

212.054,00

A.9. Exchange losses:

0,00

90.697,00

0,00

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

258.021,00

0,00

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

1.397.788,00

1.062.116,00

1.056.615,00

942.595,00

1.983.578,00

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

0,00

-28.230,00

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

0,00

19.973,00

40.466,00

663,00

0,00

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

0,00

A.13. Extraordinary expenses:

15.565,00

26.653,00

35.222,00

25.842,00

0,00

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

0,00

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

0,00

37.598,00

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

1.383.787,00

1.015.490,00

980.927,00

916.091,00

2.021.176,00

A.15. Corporation tax:

415.027,00

303.361,00

293.809,00

232.500,00

585.628,00

A.16. Miscellaneous taxes:

0,00

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

968.760,00

712.128,00

687.118,00

683.591,00

1.435.548,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

38.386.557,00

36.687.685,00

37.037.951,00

36.908.907,00

37.596.942,00

B.1. Net total sales:

37.520.774,00

35.946.159,00

36.268.497,00

35.819.201,00

36.839.863,00

a) Sales:

38.229.258,00

36.624.911,00

36.956.614,00

36.495.601,00

37.535.546,00

b) Rendering of services:

0,00

-3.218,00

-45,00

-56,00

Returns and Rappel on sales:

-708.484,00

-678.752,00

-684.899,00

-676.355,00

-695.628,00

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

0,00

10.359,00

0,00

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

0,00

B.4. Miscellaneous operating income:

572.551,00

721.185,00

759.234,00

988.093,00

620.455,00

a) Auxiliary income and other from current management:

562.255,00

710.136,00

738.911,00

942.385,00

599.763,00

b) Grants:

10.296,00

11.049,00

20.324,00

45.709,00

20.692,00

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:

4,00

870,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

4,00

870,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

31.030,00

19.471,00

2.847,00

3.226,00

4.174,00

a) From companies of the group:

0,00

232,00

156,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

21.971,00

10.187,00

2.615,00

3.070,00

4.174,00

d) Profit on financial investment:

9.059,00

9.284,00

0,00

B.8. Exchange positive differences:

260.635,00

0,00

7.372,00

88.027,00

123.082,00

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

0,00

122.019,00

92.102,00

177.281,00

278.089,00

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:

1.564,00

0,00

317,00

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

9.051,00

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):

14.001,00

46.626,00

75.688,00

26.505,00

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.

2014

2013

2012

2011

2010

1. Fiscal year result before taxes.: 61100

1.383.787,00

1.015.490,00

980.927,00

916.091,00

2.021.176,00

2. Results adjustments.: 61200

758.130,00

663.235,00

827.766,00

1.020.964,00

773.775,00

a) Fixed Assets Amortization (+).: 61201

497.608,00

499.059,00

527.210,00

527.845,00

475.501,00

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

0,00

86.707,00

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

250.414,00

104.118,00

160.617,00

227.149,00

-34.456,00

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

-1.564,00

19.973,00

40.466,00

663,00

-317,00

g) Financial income (-).: 61207

-21.975,00

-11.056,00

-2.847,00

-3.226,00

-4.174,00

h) Financial Expenses (+). : 61208

33.647,00

51.662,00

93.069,00

232.423,00

193.291,00

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

0,00

8.764,00

0,00

12.271,00

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

0,00

-9.284,00

9.251,00

36.111,00

44.952,00

3. Changes in current capital equity.: 61300

-197.314,00

214.033,00

1.673.955,00

2.485.954,00

-271.281,00

a) Stock (+/-).: 61301

-2.326.981,00

786.715,00

250.585,00

451.172,00

2.138.826,00

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

-516.918,00

-95.560,00

1.927.706,00

1.769.805,00

-4.413.810,00

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

3.629,00

53.267,00

-56.645,00

36.410,00

-36.236,00

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

2.480.133,00

-556.957,00

-424.728,00

271.265,00

2.052.102,00

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

211.488,00

0,00

-42.698,00

10.799,00

f) Other non-current assets and liabilities (+/-).: 61306

-48.666,00

26.568,00

-22.963,00

0,00

-22.963,00

4. Other cash flows for operating activities.: 61400

-440.632,00

-309.073,00

-382.803,00

-641.386,00

-664.897,00

a) Interest payments (-). : 61401

-33.647,00

-51.710,00

-109.006,00

-232.423,00

-199.156,00

c) Interest collection (+). : 61403

21.975,00

7.515,00

2.847,00

3.226,00

3.922,00

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

-428.960,00

-264.878,00

-283.028,00

-412.109,00

-469.663,00

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

0,00

6.384,00

-81,00

0,00

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

1.503.971,00

1.583.685,00

3.099.845,00

3.781.623,00

1.858.773,00

6. Payments for investment (-).: 62100

-1.488.338,00

-1.422.400,00

-575.169,00

-626.411,00

-693.112,00

b) Intangible fixed assets. : 62102

-35.259,00

-5.407,00

-22.916,00

-25.083,00

-169.207,00

c) Fixed assets. : 62103

-295.823,00

-212.235,00

-534.379,00

-520.437,00

-523.787,00

d) Real estate investment. : 62104

0,00

-22.537,00

0,00

e) Other financial assets. : 62105

-1.157.256,00

-1.204.758,00

-17.874,00

-58.354,00

-118,00

7. Divestment payment collection (+). : 62200

38.758,00

67.896,00

19.954,00

70.798,00

2.487,00

b) Intangible fixed assets. : 62202

0,00

198,00

0,00

c) Fixed assets. : 62203

8.500,00

60.493,00

0,00

1.100,00

e) Other financial assets. : 62205

30.258,00

7.403,00

19.954,00

70.600,00

1.387,00

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

-1.449.580,00

-1.354.504,00

-555.215,00

-555.614,00

-690.625,00

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

9.207,00

0,00

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

9.207,00

0,00

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

-61.765,00

71.267,00

-2.548.897,00

-3.228.232,00

-1.165.337,00

a) Issuance : 63201

0,00

1.301.804,00

768.205,00

879.883,00

691.859,00

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

0,00

1.298.311,00

659.661,00

615.744,00

804.180,00

5. Other debts (+). : 63206

0,00

3.492,00

108.544,00

264.138,00

-112.321,00

b) Repayment and amortization of : 63207

-61.765,00

-1.230.537,00

-3.317.102,00

-4.108.115,00

-1.857.196,00

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

-61.765,00

-659.661,00

-597.903,00

-822.022,00

-601.290,00

5. Other debts (-). : 63212

0,00

-570.876,00

-2.719.199,00

-3.286.093,00

-1.255.906,00

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

0,00

-304.000,00

0,00

a) Dividends (-).: 63301

0,00

-304.000,00

0,00

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

-52.558,00

-232.733,00

-2.548.897,00

-3.228.232,00

-1.165.337,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

1.833,00

-3.553,00

-4.268,00

-2.223,00

2.811,00

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

1.347,00

4.900,00

9.167,00

11.390,00

8.579,00

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

3.179,00

1.347,00

4.900,00

9.167,00

11.390,00

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

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,01 %

0,00 %

0,07 %

-89,91 %

EBITDA over Sales:

4,36 %

11,85 %

4,68 %

11,54 %

-6,80 %

2,69 %

Cash Flow Yield:

0,00 %

0,03 %

-88,64 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,80 %

8,58 %

4,22 %

7,06 %

-9,97 %

21,66 %

Total economic profitability:

4,32 %

5,08 %

3,65 %

3,71 %

18,32 %

36,74 %

Financial profitability:

4,19 %

7,77 %

3,21 %

4,08 %

30,34 %

90,50 %

Margin:

3,00 %

7,44 %

3,17 %

6,89 %

-5,63 %

7,93 %

Mark-up:

3,67 %

6,85 %

2,84 %

4,53 %

29,25 %

51,20 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,00

0,14

0,00

0,13

8,75

Acid Test:

1,38

0,89

1,66

0,87

-17,02

1,90

Working Capital / Investment:

0,46

0,03

0,47

0,05

-3,90

-39,05

Solvency:

2,57

1,21

3,00

1,18

-14,21

2,97

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,42

1,33

0,32

1,38

31,34

-3,97

Borrowing Composition:

0,01

1,11

0,01

1,00

-31,42

10,60

Repayment Ability:

5.268,86

150,41

-1.982,50

17,37

365,77

765,85

Warranty:

3,40

1,76

4,15

1,73

-18,11

1,65

Generated resources / Total creditors:

0,18

0,09

0,19

0,08

-4,78

6,39

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,39

1,98

1,39

1,86

0,31

6,07

Turnover of Collection Rights :

3,51

5,31

3,54

4,99

-0,97

6,57

Turnover of Payment Entitlements:

3,96

3,72

5,40

3,62

-26,67

2,74

Stock rotation:

3,26

8,29

3,84

7,32

-14,95

13,23

Assets turnover:

1,27

1,15

1,33

1,02

-4,60

12,72

Borrowing Cost:

0,35

2,89

0,73

2,88

-52,49

0,44

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow

2014

2013

2012

2011

2010

Cash Flow over Sales:

0,00 %

EBITDA over Sales:

4,36 %

4,68 %

4,62 %

4,60 %

7,43 %

Cash Flow Yield:

0,00 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

3,80 %

4,22 %

3,85 %

3,60 %

6,74 %

Total economic profitability:

4,32 %

3,65 %

3,68 %

3,65 %

6,51 %

Financial profitability:

4,19 %

3,21 %

3,16 %

3,25 %

7,04 %

Margin:

3,00 %

3,17 %

2,99 %

3,04 %

6,04 %

Mark-up:

3,67 %

2,84 %

2,74 %

2,56 %

5,37 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,00

Acid Test:

1,38

1,66

1,48

1,65

1,92

Working Capital / Investment:

0,46

0,47

0,46

0,49

0,53

Solvency:

2,57

3,00

2,94

3,08

3,46

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,42

0,32

0,34

0,49

0,67

Borrowing Composition:

0,01

0,07

0,41

0,86

Repayment Ability:

5.268,86

-1.982,50

-1.739,35

-4.690,13

4.842,42

Warranty:

3,40

4,15

3,93

3,02

2,50

Generated resources / Total creditors:

0,18

0,19

0,14

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,39

1,41

1,43

1,71

Turnover of Collection Rights :

3,51

3,54

3,61

3,02

2,68

Turnover of Payment Entitlements:

3,96

5,40

5,05

4,72

4,74

Stock rotation:

3,26

3,84

3,54

3,38

3,13

Assets turnover:

1,27

1,33

1,29

1,18

1,12

Borrowing Cost:

0,35

0,73

1,25

2,23

1,42

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

INSTITUTO NACIONAL DE EMPLEO MUNICIPAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

10.296,11

Notes

Planes de formación de empresas.

Entity

INSTITUTO NACIONAL DE EMPLEO MUNICIPAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

8.107,95

Notes

Planes de formación de empresas.

Entity

AMEC

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

7.660,80

Notes

Asistencia a ferias.

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

4.775,00

Notes

Fomento exportación.

Entity

AMEC

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

35.709,80

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

7.129,44

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

2.062,13

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

807,29

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

11.643,23

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

9.048,98

Entity

ICEX

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Fomento exportación

Amount Granted

23.640,51

Entity

INEM

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Formación continua

Amount Granted

5.824,44

Entity

INSTITUTO NACIONAL DE EMPLEO

Status

CONCEDIDA

Amount Granted

3.554,01

Notes

Dicha subvención tiene como objeto la formación contínua. El importe ha sido imputado a resultados.

Entity

INSTITUTO DE EMPLEO PUBLICO DE EMPLEO ESTATAL

Status

CONCEDIDA

Amount Granted

1.389,49

Notes

Dicha subvención tiene como objeto la formación contínua.

Research Summary

It is a company incorporated in 2001, engaged in the design of bath equipment. Its turnover has been increased by 4,38 % in 2014 compared to 2013. It complies with its payment obligations.

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.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13
EURO	1	Rs. 72.34

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.

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

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

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit