MIRA INFORM REPORT

Report No. :	354840
Report Date :	22.12.2015

IDENTIFICATION DETAILS

Name :	SHUTON S.A.

Registered Office :	Calle Subinoa 5 (Pol. Ind.Goiain) - Legutiano - 01170 - Alava

Country :	Spain

Financials (as on) :	2014

Date of Incorporation :	28.07.1975

Legal Form :	Public Company

Line of Business :	Manufacture of bearings, gears, gearing and driving elements.

No. of Employee :	70

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:

SHUTON S.A.

NIF / Fiscal code:

A01010602

Status:

ACTIVE

Incorporation Date:

28/07/1975

Register Data

Last Publication in BORME:

07/10/2015 [Reelections]

Last Published Account Deposit:

2014

Share Capital:

756.118,10

Localization:

CALLE SUBINOA 5 ( POL. IND.GOIAIN ) - LEGUTIANO - 01170 - ALAVA

Telephone - Fax - Email - Website:

Telephone. 945 465 629 Email. shuton@shuton.com Website. www.shuton.com

Activity:

NACE:

2815 - Manufacture of bearings, gears, gearing and driving elements

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

16 for a total cost of 351861

Quality Certificate:

Scoring and Risk:

Scoring:

5 /10 Risk Moderate Evolution Neutral

The capacity to meet payment obligations shows no difficulties at present, although this may not last for long.

Default Risk:

2.051%

Maximum recommended commercial credit:

670.000

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:

GRUPO MAHERHOLDING SA

100 %

Identification

Social Denomination:

SHUTON S.A.

NIF / Fiscal code:

A01010602

Corporate Status:

ACTIVE

Start of activity:

1975

Registered Office:

CALLE SUBINOA 5 ( POL. IND.GOIAIN )

Locality:

LEGUTIANO

Province:

ALAVA

Postal Code:

01170

Telephone:

945 465 629

Fax:

945 465 610

Website:

www.shuton.com

Email:

shuton@shuton.com

Interviewed Person:

Sra.: María Jesús Aranguren

Branch Offices

----

Activity

NACE:

2815

Corporate Purpose:

Manufacture of gears and transmission elements

Additional Information:

Manufacture and sale of high precision spindle ball bearings

Additional Address:

Registered office and offices CALLE SUBINOA 5 ( POL. IND.GOIAIN ), 01170, LEGUTIANO, ALAVA

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

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

1990

Appointments/ Re-elections (1)

1991

Accounts deposit (year 1989, 1991)

1992

Adaptation to Law (1) Appointments/ Re-elections (1)

1993

Accounts deposit (year 1992) Appointments/ Re-elections (1)

1994

Accounts deposit (year 1993)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (2)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (2)

2004

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

2005

Accounts deposit (year 2004) Appointments/ Re-elections (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (2)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (3)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010)

2012

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

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)

2014

Accounts deposit (year 2013) Increase of Capital (1)

2015

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

Breakdown of Owners' Equity

Registered Capital:

756.118,10

Paid up capital:

756.118,10

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

07/07/2014

Increase of Capital

58.958

756.118

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

MAHERHOLDING SA

10/01/1996

SINGLE ADMINISTRATOR

GRUPO MAHERHOLDING SA

13/08/2012

PROXY

ARANGUREN ANTON MARIA JESUS

30/05/2009

MIELGO GARCIA ROBERTO

23/02/2009

ORTIZ DE URBINA SEGUROLA JOSE IGNACIO

24/01/2006

TORRECILLA ZUBIZARRETA JOSE IGNACIO

24/01/2006

REPRESENTATIVE

TORRECILLA ZUBIZARRETA JOSE IGNACIO

06/03/2006

ACCOUNTS' AUDITOR / HOLDER

MOORE STEPHENS AMS SL

29/09/2015

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BILBAO AIZPIRI JESUS MARIA

PROXY

25/05/2006

BILBAO AZPIRI JESUS MARIA

REPRESENTATIVE

06/03/2006

EPG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

25/09/2000

ACCOUNTS' AUDITOR / HOLDER

17/09/2001

ACCOUNTS' AUDITOR / HOLDER

30/09/2002

ESPINOSA P EGUIZABAL GAGO CENSORES JURADOS

ACCOUNTS' AUDITOR / HOLDER

30/09/1999

GRUPO MAHERHOLDING SA

SINGLE ADMINISTRATOR

04/09/2007

SINGLE ADMINISTRATOR

13/08/2012

MAHERHOLDING SA

SINGLE ADMINISTRATOR

13/10/1997

SINGLE ADMINISTRATOR

05/02/2003

MOORE STEPHENS AMS SL

ACCOUNTS' AUDITOR / HOLDER

29/09/2015

ACCOUNTS' AUDITOR / HOLDER

09/10/2003

ACCOUNTS' AUDITOR / HOLDER

25/10/2004

ACCOUNTS' AUDITOR / HOLDER

10/10/2005

ACCOUNTS' AUDITOR / HOLDER

26/10/2006

ACCOUNTS' AUDITOR / HOLDER

04/09/2007

ACCOUNTS' AUDITOR / HOLDER

06/08/2008

ACCOUNTS' AUDITOR / HOLDER

17/08/2009

ACCOUNTS' AUDITOR / HOLDER

04/03/2013

ORTIZ DE URBINA SEGUROLA JOSE IGNACIO

PROXY

24/01/2006

PEDRO MARIA ANDONEGUI AGUIRREGOMEZCORTA

PROXY

07/05/2013

VILLASANTE LOPEZ VERGARA ESTIBALIZ

PROXY

01/02/2013

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

ROBERTO MIELGO

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

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

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

The current debt represents a 28.38of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Long term debt represents 74.21 % of the debt with a maturity of less than one year. In principle, an increase in this ratio would indicate an improvement in the short-term financial situation.

No Company's subsidiaries or branches are known.

Possible difficulty accessing financing. Uncertainties about economic recovery will hinder access to credit for new projects or for obtaining the liquidity necessary for short-term needs.

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

BELONGS TO THE PARENT COMPANY GROUP:

1 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GRUPO MAHERHOLDING SA

GUIPUZCOA

100

PARTICIPATES IN

MAC PRECISION SRO

> Other relationships

Relationship

Entity

Province

Shareholding stake

BELONGS TO THE PARENT COMPANY GROUP

GRUPO MAHERHOLDING SA

GUIPUZCOA

100

IS RELATED WITH

| |

GMTK, S.A.

MTCAM

ELKARGI SOCIEDAD DE GARANTIA RECIPROCA

GUIPUZCOA

CAJA RURAL DE NAVARRA SOCIEDAD COOPERATIVA DE CREDITO

NAVARRA

HAS IN ITS ADMINISTRATION BOARD TO

GRUPO MAHERHOLDING SA

GUIPUZCOA

Turnover

Total Sales 2014

8.342.845

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

August 2015

2013

Normales

July 2014

2012

Normales

August 2013

2011

Normales

September 2012

2010

Normales

July 2011

2009

Normales

July 2010

2008

Normales

July 2009

2007

Normales

July 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

July 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

October 1997

1995

Normales

August 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

August 1991

1991

Normales

August 1992

1989

Normales

October 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

> 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. To view details on the methodology.

ORIGINAL

Assets

2014

2013

2012

2011

2010

A) NON-CURRENT ASSETS: 11000

3.347.686,00

3.607.760,00

3.588.295,00

4.038.717,00

4.068.722,00

I. Intangible fixed assets : 11100

50.460,00

48.743,00

54.478,00

78.359,00

96.973,00

1. Development: 11110

1.315,00

7.103,00

16.572,00

26.041,00

75.737,00

2. Concessions: 11120

0,00

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

2.709,00

2.304,00

81,00

1.931,00

5.654,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

46.436,00

39.336,00

37.825,00

50.387,00

15.582,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

3.283.010,00

3.544.801,00

3.525.283,00

3.935.957,00

3.947.348,00

1. Land and buildings: 11210

1.346.713,00

1.399.148,00

1.451.583,00

1.504.018,00

1.556.453,00

2. Technical installations and other tangible fixed assets: 11220

1.835.930,00

2.145.653,00

2.073.700,00

2.431.939,00

2.390.895,00

3. Tangible asset in progress and advances: 11230

100.367,00

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

5.682,00

0,00

1. Equity instruments: 11410

5.682,00

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

8.534,00

24.401,00

1. Equity instruments: 11510

8.534,00

24.401,00

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

0,00

24.401,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

6.061.460,00

6.679.829,00

8.252.044,00

8.385.526,00

6.807.566,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.393.898,00

3.242.181,00

4.099.454,00

3.666.853,00

2.232.622,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

1.556.229,00

2.442.105,00

3.309.947,00

2.840.094,00

1.608.566,00

3. Work in progress: 12230

837.669,00

800.076,00

789.507,00

826.759,00

624.056,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

837.669,00

800.076,00

789.507,00

826.759,00

624.056,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

2.297.567,00

2.355.840,00

2.208.928,00

2.769.307,00

1.950.188,00

1. Trade debtors / accounts receivable: 12310

1.673.920,00

1.622.141,00

1.679.323,00

1.926.185,00

1.646.606,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.673.920,00

1.622.141,00

1.679.323,00

1.926.185,00

1.646.606,00

2. Customers, Group companies and associates : 12320

272.848,00

116.687,00

89.527,00

121.198,00

88.764,00

3. Other accounts receivable: 12330

51.853,00

125.931,00

9.082,00

13.429,00

14.482,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

5.131,00

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

298.946,00

491.081,00

430.996,00

708.495,00

195.205,00

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

981.440,00

719.768,00

1.712.858,00

1.682.613,00

2.167.481,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

981.440,00

719.768,00

1.712.858,00

1.682.613,00

2.167.481,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

9.843,00

5.532,00

10.810,00

4.813,00

20.659,00

VII. Cash and other equivalent liquid assets : 12700

378.712,00

356.508,00

219.994,00

261.940,00

436.616,00

1. Treasury: 12710

378.712,00

356.508,00

219.994,00

171.640,00

66.616,00

2. Other equivalent liquid assets: 12720

0,00

90.300,00

370.000,00

TOTAL ASSETS (A + B) : 10000

9.409.146,00

10.287.589,00

11.840.339,00

12.424.243,00

10.876.288,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

4.757.333,00

4.343.146,00

4.713.867,00

4.968.730,00

4.404.817,00

A-1) Shareholders' equity: 21000

4.519.774,00

4.081.815,00

4.477.457,00

4.636.896,00

4.307.979,00

I. Capital: 21100

756.118,00

697.160,00

1. Registered capital : 21110

756.118,00

697.160,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

339.693,00

0,00

III. Reserves: 21300

3.375.346,00

3.366.037,00

3.383.777,00

3.260.819,00

3.520.676,00

1. Legal and statutory: 21310

139.435,00

2. Other reserves: 21320

3.235.911,00

3.226.602,00

3.244.342,00

3.121.384,00

3.381.241,00

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

48.617,00

18.618,00

396.520,00

678.917,00

90.143,00

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

237.559,00

261.331,00

236.410,00

331.834,00

96.838,00

B) NON-CURRENT LIABILITIES: 31000

1.981.647,00

1.876.153,00

2.736.011,00

2.906.365,00

2.736.739,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.856.303,00

1.774.552,00

2.245.402,00

2.520.925,00

2.699.008,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

997.081,00

892.017,00

1.578.151,00

1.700.471,00

2.448.717,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

859.222,00

882.535,00

667.251,00

820.454,00

250.291,00

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

32.961,00

0,00

398.652,00

256.347,00

0,00

IV. Liabilities for deferred tax: 31400

92.383,00

101.601,00

91.957,00

129.093,00

37.731,00

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

2.670.166,00

4.068.290,00

4.390.461,00

4.549.148,00

3.734.732,00

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

1.215.102,00

1.848.788,00

2.312.645,00

1.750.379,00

1.825.158,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.034.438,00

1.498.882,00

1.901.772,00

1.308.774,00

807.179,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

180.664,00

349.906,00

410.873,00

441.605,00

1.017.979,00

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

0,00

408.929,00

0,00

V. Trade creditors and other accounts payable: 32500

1.455.064,00

1.810.573,00

2.077.816,00

2.798.769,00

1.908.299,00

1. Suppliers: 32510

725.698,00

890.414,00

1.322.379,00

1.906.806,00

1.119.372,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

725.698,00

890.414,00

1.322.379,00

1.906.806,00

1.119.372,00

2. Suppliers, Group companies and associates: 32520

3.424,00

36.300,00

9.129,00

3.489,00

168.023,00

3. Other creditors: 32530

403.861,00

497.568,00

431.963,00

434.255,00

401.431,00

4. Personnel (remuneration due): 32540

98.263,00

66.892,00

122.479,00

180.957,00

47.947,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

183.981,00

311.875,00

183.974,00

204.087,00

146.401,00

7. Advances from clients: 32570

39.837,00

7.524,00

7.892,00

69.175,00

25.125,00

VI. Short-term accruals: 32600

0,00

1.275,00

VII. Special short-term debts : 32700

0,00

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

9.409.146,00

10.287.589,00

11.840.339,00

12.424.243,00

10.876.288,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

8.342.845,00

8.621.237,00

10.958.282,00

10.839.513,00

7.178.548,00

a) Sales: 40110

8.287.285,00

8.575.445,00

10.941.985,00

10.810.288,00

7.153.688,00

b) Rendering of services: 40120

55.560,00

45.792,00

16.297,00

29.225,00

24.860,00

c) Income of financial nature of holding companies: 40130

0,00

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

37.594,00

10.568,00

-37.252,00

202.704,00

150.169,00

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

0,00

2.210,00

0,00

9.802,00

4. Supplies : 40400

-3.085.000,00

-3.351.373,00

-4.310.994,00

-4.508.103,00

-2.790.975,00

a) Stock consumption: 40410

0,00

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

-2.069.548,00

-2.005.412,00

-2.049.172,00

-2.132.584,00

-1.550.401,00

c) Works carried out by other companies: 40430

-1.015.452,00

-1.345.961,00

-2.261.822,00

-2.375.519,00

-1.240.574,00

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

0,00

5. Other operating income: 40500

92.337,00

266.922,00

95.796,00

56.413,00

108.779,00

a) Auxiliary income and other from current management: 40510

1.355,00

0,00

39.227,00

3.827,00

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

90.982,00

266.922,00

95.796,00

17.186,00

104.952,00

6. Personnel costs: 40600

-3.139.167,00

-3.071.832,00

-3.389.146,00

-3.061.305,00

-2.403.222,00

a) Wages, salaries et al.: 40610

-2.321.806,00

-2.250.571,00

-2.555.433,00

-2.348.457,00

-1.832.996,00

b) Social security costs: 40620

-817.361,00

-821.261,00

-833.713,00

-712.848,00

-570.226,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.630.934,00

-1.835.178,00

-2.107.176,00

-1.891.358,00

-1.529.169,00

a) External services: 40710

-1.616.015,00

-1.823.512,00

-2.093.143,00

-1.876.497,00

-1.525.795,00

b) Taxes: 40720

-8.356,00

-9.854,00

-6.923,00

-15.391,00

-6.131,00

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

-6.563,00

-1.812,00

-7.110,00

530,00

2.757,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-575.245,00

-576.296,00

-691.295,00

-712.002,00

-622.842,00

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

25.435,00

45.592,00

97.571,00

70.134,00

36.341,00

10. Excess provisions : 41000

0,00

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

0,00

64,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

64,00

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

85.289,00

15.547,00

12.890,00

3.037,00

-300,00

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

153.154,00

127.397,00

628.676,00

999.033,00

137.195,00

14. Financial income : 41400

38.347,00

48.622,00

65.108,00

85.502,00

64.942,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

7.082,00

19.183,00

37.290,00

55.468,00

45.502,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

7.082,00

19.183,00

37.290,00

55.468,00

45.502,00

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

31.265,00

29.439,00

27.818,00

30.034,00

19.440,00

15. Financial expenditure: 41500

-120.015,00

-142.942,00

-150.029,00

-141.720,00

-111.994,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-120.015,00

-142.942,00

-150.029,00

-141.720,00

-111.994,00

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

1.469,00

34,00

0,00

125,00

0,00

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

0,00

a) Impairment and losses : 41810

0,00

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

-80.199,00

-94.286,00

-84.921,00

-56.093,00

-47.052,00

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

72.955,00

33.111,00

543.755,00

942.940,00

90.143,00

20. Income taxes: 41900

-24.338,00

-14.493,00

-147.235,00

-264.023,00

0,00

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

48.617,00

18.618,00

396.520,00

678.917,00

90.143,00

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

0,00

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

48.617,00

18.618,00

396.520,00

678.917,00

90.143,00

> 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. 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:

3.347.686,00

3.607.760,00

3.588.295,00

4.038.717,00

4.068.722,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

50.460,00

48.743,00

54.478,00

78.359,00

96.973,00

1. Research and development costs:

1.315,00

7.103,00

16.572,00

26.041,00

75.737,00

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

2.709,00

2.304,00

81,00

1.931,00

5.654,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

46.436,00

39.336,00

37.825,00

50.387,00

15.582,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

3.283.010,00

3.544.801,00

3.525.283,00

3.935.957,00

3.947.348,00

1. Land and construction:

1.346.713,00

1.399.148,00

1.451.583,00

1.504.018,00

1.556.453,00

2. Technical installations and machinery:

1.136.730,00

1.328.497,00

1.283.947,00

1.505.753,00

1.480.341,00

3. Other installations, tools and furniture:

653.492,00

763.737,00

738.125,00

865.639,00

851.030,00

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

100.367,00

0,00

5. Other tangible assets:

45.708,00

53.419,00

51.628,00

60.547,00

59.525,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

14.216,00

8.534,00

24.401,00

1. Equity investments in group companies:

5.682,00

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

8.534,00

24.401,00

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

0,00

24.401,00

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:

6.061.460,00

6.679.829,00

8.252.044,00

8.385.526,00

6.807.566,00

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

0,00

II. Stocks:

2.393.898,00

3.242.181,00

4.099.454,00

3.666.853,00

2.232.622,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

1.556.229,00

2.442.105,00

3.309.947,00

2.840.094,00

1.608.566,00

3. Goods in process and semifinished ones:

837.669,00

800.076,00

789.507,00

826.759,00

624.056,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

2.297.567,00

2.355.840,00

2.208.928,00

2.769.307,00

1.950.188,00

1. Trade debtors / accounts receivable:

1.673.920,00

1.622.141,00

1.679.323,00

1.926.185,00

1.646.606,00

2. Accounts receivable, Group companies:

272.848,00

116.687,00

89.527,00

121.198,00

88.764,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

51.853,00

125.931,00

9.082,00

13.429,00

14.482,00

5. Staff:

0,00

6. Public bodies:

298.946,00

491.081,00

430.996,00

708.495,00

200.336,00

7. Provisions:

0,00

IV. Short-term investments:

981.440,00

719.768,00

1.712.858,00

1.772.913,00

2.537.481,00

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:

981.440,00

719.768,00

1.712.858,00

1.772.913,00

2.537.481,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

378.712,00

356.508,00

219.994,00

171.640,00

66.616,00

VII. Prepayments and accrued income:

9.843,00

5.532,00

10.810,00

4.813,00

20.659,00

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

9.409.146,00

10.287.589,00

11.840.339,00

12.424.243,00

10.876.288,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

4.591.042,00

4.160.214,00

4.548.380,00

4.736.446,00

4.337.030,00

I. Subscribed capital:

756.118,00

697.160,00

II. Share premium:

339.693,00

0,00

III. Revaluation reserves:

264.964,00

270.621,00

278.058,00

276.051,00

301.602,00

IV. Reserves:

3.181.650,00

3.173.815,00

3.176.642,00

3.084.318,00

3.248.125,00

1. Legal reserve:

139.435,00

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:

3.042.198,00

3.034.363,00

3.037.190,00

2.944.865,00

3.108.671,00

6. Differences due to capital adjustment to euros:

17,00

19,00

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:

48.617,00

18.618,00

396.520,00

678.917,00

90.143,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

166.291,00

182.932,00

165.487,00

232.284,00

67.787,00

1. Capital grants:

166.291,00

182.932,00

165.487,00

232.284,00

67.787,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.981.647,00

1.876.153,00

2.736.011,00

2.906.365,00

2.736.739,00

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:

997.081,00

892.017,00

1.578.151,00

1.700.471,00

2.448.717,00

1. Loans and other liabilities:

997.081,00

892.017,00

1.578.151,00

1.700.471,00

2.448.717,00

2. Long-term liabilities from capital leases:

0,00

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

32.961,00

0,00

398.652,00

256.347,00

0,00

1. Amounts owed to group companies:

32.961,00

0,00

398.652,00

256.347,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

951.605,00

984.136,00

759.208,00

949.547,00

288.022,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

859.222,00

882.535,00

667.251,00

820.454,00

250.291,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

92.383,00

101.601,00

91.957,00

129.093,00

37.731,00

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:

2.670.166,00

4.068.290,00

4.390.461,00

4.549.148,00

3.734.732,00

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:

1.034.438,00

1.498.882,00

1.901.772,00

1.308.774,00

807.179,00

1. Loans and other liabilities:

1.034.438,00

1.498.882,00

1.901.772,00

1.308.774,00

807.179,00

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:

3.424,00

445.229,00

9.129,00

3.489,00

168.023,00

1. Amounts owed to group companies:

3.424,00

445.229,00

9.129,00

3.489,00

168.023,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.169.396,00

1.395.506,00

1.762.234,00

2.410.236,00

1.545.928,00

1. Advanced payments from customers:

39.837,00

7.524,00

7.892,00

69.175,00

25.125,00

2. Amounts owed for purchases of goods or services:

1.129.559,00

1.387.982,00

1.754.342,00

2.341.061,00

1.520.803,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

462.908,00

728.673,00

717.326,00

826.649,00

1.212.327,00

1. Public bodies:

183.981,00

311.875,00

183.974,00

204.087,00

146.401,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

180.664,00

349.906,00

410.873,00

441.605,00

1.017.979,00

4. Wages and salaries payable:

98.263,00

66.892,00

122.479,00

180.957,00

47.947,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

1.275,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

9.409.146,00

10.287.589,00

11.840.339,00

12.424.243,00

10.876.288,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

8.574.699,00

8.992.114,00

10.833.127,00

10.578.511,00

7.458.502,00

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

0,00

37.252,00

0,00

A.2. Supplies:

3.085.000,00

3.351.373,00

4.310.994,00

4.508.103,00

2.790.975,00

a) Stock consumption:

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.069.548,00

2.005.412,00

2.049.172,00

2.132.584,00

1.550.401,00

c) Miscellaneous external expenditure:

1.015.452,00

1.345.961,00

2.261.822,00

2.375.519,00

1.240.574,00

A.3. Staff costs:

3.139.167,00

3.071.832,00

3.389.146,00

3.061.305,00

2.403.222,00

a) Wages, salaries et al.:

2.321.806,00

2.250.571,00

2.555.433,00

2.348.457,00

1.832.996,00

b) Social security costs:

817.361,00

821.261,00

833.713,00

712.848,00

570.226,00

A.4. Depreciation expense:

575.245,00

576.296,00

691.295,00

712.002,00

622.842,00

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

6.563,00

1.812,00

7.110,00

-530,00

-2.757,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

6.563,00

1.812,00

7.110,00

-530,00

-2.757,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.624.371,00

1.833.366,00

2.100.066,00

1.891.888,00

1.531.926,00

a) External services:

1.616.015,00

1.823.512,00

2.093.143,00

1.876.497,00

1.525.795,00

b) Taxes:

8.356,00

9.854,00

6.923,00

15.391,00

6.131,00

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):

42.430,00

66.258,00

518.215,00

925.862,00

101.090,00

A.7. Financial and similar charges:

120.015,00

142.942,00

150.029,00

141.720,00

111.994,00

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.:

120.015,00

142.942,00

150.029,00

141.720,00

111.994,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

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

0,00

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

0,00

405.476,00

839.735,00

34.598,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

300,00

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):

141.989,00

90.578,00

138.279,00

103.205,00

55.545,00

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

72.955,00

33.111,00

543.755,00

942.940,00

90.143,00

A.15. Corporation tax:

24.338,00

14.493,00

147.235,00

264.023,00

0,00

A.16. Miscellaneous taxes:

0,00

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

48.617,00

18.618,00

396.520,00

678.917,00

90.143,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

8.623.316,00

9.010.732,00

11.229.647,00

11.257.428,00

7.548.645,00

B.1. Net total sales:

8.342.845,00

8.621.237,00

10.958.282,00

10.839.513,00

7.178.548,00

a) Sales:

8.287.285,00

8.575.445,00

10.941.985,00

10.810.288,00

7.153.688,00

b) Rendering of services:

55.560,00

45.792,00

16.297,00

29.225,00

24.860,00

Returns and Rappel on sales:

0,00

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

37.594,00

10.568,00

0,00

202.704,00

150.169,00

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

0,00

2.210,00

0,00

9.802,00

B.4. Miscellaneous operating income:

92.337,00

266.922,00

95.796,00

56.413,00

108.779,00

a) Auxiliary income and other from current management:

1.355,00

0,00

39.227,00

3.827,00

b) Grants:

90.982,00

266.922,00

95.796,00

17.186,00

104.952,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

7.082,00

19.183,00

37.290,00

55.468,00

45.502,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

7.082,00

19.183,00

37.290,00

55.468,00

45.502,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

1.469,00

34,00

0,00

125,00

0,00

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

111.464,00

123.725,00

112.739,00

86.127,00

66.492,00

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

69.034,00

57.467,00

0,00

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

0,00

64,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

56.700,00

75.031,00

125.389,00

100.168,00

55.781,00

B.12. Extraordinary income:

85.289,00

15.547,00

12.890,00

3.037,00

0,00

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

0,00

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

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

72.955,00

33.111,00

543.755,00

942.940,00

90.143,00

2. Results adjustments.: 61200

636.572,00

626.802,00

685.755,00

697.555,00

630.732,00

a) Fixed Assets Amortization (+).: 61201

575.245,00

576.296,00

691.295,00

712.002,00

622.842,00

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

6.563,00

1.812,00

7.110,00

-530,00

-2.757,00

d) Allocation of grants (-).: 61204

-56.700,00

-75.031,00

-125.389,00

-100.169,00

-55.781,00

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

0,00

-64,00

g) Financial income (-).: 61207

-7.082,00

-19.183,00

-37.290,00

-55.468,00

-45.502,00

h) Financial Expenses (+). : 61208

120.015,00

142.942,00

150.029,00

141.720,00

111.994,00

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

-1.469,00

-34,00

0,00

3. Changes in current capital equity.: 61300

541.641,00

475.797,00

-625.689,00

-1.162.291,00

-307.504,00

a) Stock (+/-).: 61301

848.283,00

857.273,00

-432.601,00

-1.434.231,00

-284.491,00

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

53.178,00

-119.511,00

533.862,00

-633.102,00

-1.025.863,00

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

-4.311,00

5.278,00

-5.997,00

15.847,00

60.574,00

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

-355.509,00

-267.243,00

-720.953,00

890.470,00

941.001,00

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

0,00

-1.275,00

1.275,00

4. Other cash flows for operating activities.: 61400

-87.029,00

-94.479,00

-86.309,00

-60.642,00

-43.815,00

a) Interest payments (-). : 61401

-93.285,00

-119.715,00

-127.546,00

-104.380,00

-85.034,00

b) Dividend payment collection (+). : 61402

0,00

46.167,00

0,00

c) Interest collection (+). : 61403

7.910,00

29.452,00

0,00

46.284,00

45.502,00

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

-1.654,00

-4.216,00

-4.930,00

-2.546,00

-4.283,00

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

1.164.139,00

1.041.231,00

517.512,00

417.562,00

369.556,00

6. Payments for investment (-).: 62100

-716.559,00

-642.972,00

-326.605,00

-1.339.742,00

-328.364,00

a) Companies of the group and affiliates. : 62101

0,00

-5.682,00

0,00

b) Intangible fixed assets. : 62102

-21.239,00

-16.460,00

-504,00

-46.618,00

-1.495,00

c) Fixed assets. : 62103

-432.820,00

-620.830,00

-286.979,00

-1.293.124,00

-326.508,00

e) Other financial assets. : 62105

-262.500,00

0,00

-39.122,00

0,00

-361,00

7. Divestment payment collection (+). : 62200

0,00

982.821,00

15.867,00

494.052,00

64,00

c) Fixed assets. : 62203

0,00

64,00

e) Other financial assets. : 62205

0,00

982.821,00

15.867,00

494.052,00

0,00

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

-716.559,00

339.849,00

-310.738,00

-845.690,00

-328.300,00

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

0,00

-7.171,00

121.136,00

8.796,00

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

0,00

-7.171,00

121.136,00

8.796,00

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

-416.067,00

-830.306,00

314.410,00

482.316,00

293.128,00

a) Issuance : 63201

784.818,00

1.227.079,00

1.751.060,00

1.110.295,00

956.611,00

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

679.000,00

793.563,00

1.751.060,00

290.734,00

956.611,00

5. Other debts (+). : 63206

105.818,00

433.516,00

0,00

819.561,00

0,00

b) Repayment and amortization of : 63207

-1.200.885,00

-2.057.385,00

-1.436.650,00

-627.979,00

-663.483,00

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

-1.033.845,00

-1.876.375,00

-1.255.640,00

-529.599,00

-565.103,00

4. Special characteristic debts (-). : 63211

0,00

-98.380,00

5. Other debts (-). : 63212

-167.040,00

-181.010,00

0,00

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

-9.309,00

-414.260,00

-555.959,00

-350.000,00

0,00

a) Dividends (-).: 63301

-9.309,00

-414.260,00

-555.959,00

-350.000,00

0,00

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

-425.376,00

-1.244.566,00

-248.720,00

253.452,00

301.924,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

22.204,00

136.514,00

-41.946,00

-174.676,00

343.180,00

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

356.508,00

219.994,00

261.940,00

436.616,00

93.436,00

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

378.712,00

356.508,00

219.994,00

261.940,00

436.616,00

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 %

0,02 %

0,01 %

-83,20 %

-53,39 %

EBITDA over Sales:

7,40 %

11,84 %

7,45 %

11,54 %

-0,66 %

2,62 %

Cash Flow Yield:

0,00 %

0,01 %

-82,22 %

-47,38 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

0,81 %

8,55 %

1,17 %

7,05 %

-31,10 %

21,15 %

Total economic profitability:

2,05 %

5,08 %

1,71 %

3,71 %

19,84 %

36,79 %

Financial profitability:

1,08 %

7,77 %

0,46 %

4,08 %

135,83 %

90,33 %

Margin:

0,80 %

7,40 %

1,26 %

6,89 %

-36,05 %

7,42 %

Mark-up:

-0,15 %

6,86 %

0,20 %

4,53 %

-174,01 %

51,26 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,14

0,09

0,13

61,85

7,21

Acid Test:

1,37

0,89

0,84

0,87

62,38

2,14

Working Capital / Investment:

0,36

0,03

0,25

0,05

41,98

-38,45

Solvency:

2,27

1,22

1,64

1,18

38,26

3,14

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,98

1,31

1,37

1,38

-28,56

-5,01

Borrowing Composition:

0,74

1,10

0,46

1,00

60,93

9,83

Repayment Ability:

209,50

185,84

43,54

99,87

381,12

86,08

Warranty:

2,02

1,77

1,73

16,88

2,13

Generated resources / Total creditors:

0,13

0,09

0,10

0,08

34,01

7,57

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,20

1,97

1,21

1,86

-1,03

5,96

Turnover of Collection Rights :

3,67

5,32

3,77

4,99

-2,71

6,67

Turnover of Payment Entitlements:

3,27

3,75

2,87

3,62

13,81

3,59

Stock rotation:

3,51

8,35

2,72

7,32

28,81

14,03

Assets turnover:

1,00

1,15

0,93

1,02

7,74

12,78

Borrowing Cost:

2,58

2,89

2,40

2,88

7,29

0,38

> 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 %

0,02 %

0,00 %

-0,02 %

0,05 %

EBITDA over Sales:

7,40 %

7,45 %

11,04 %

15,11 %

10,08 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

-0,01 %

0,03 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

0,81 %

1,17 %

6,09 %

9,29 %

1,58 %

Total economic profitability:

2,05 %

1,71 %

5,86 %

8,73 %

1,86 %

Financial profitability:

1,08 %

0,46 %

8,86 %

14,64 %

2,09 %

Margin:

0,80 %

1,26 %

5,57 %

9,14 %

1,88 %

Mark-up:

-0,15 %

0,20 %

4,80 %

8,63 %

1,24 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,14

0,09

0,05

0,06

0,12

Acid Test:

1,37

0,84

0,94

1,04

1,22

Working Capital / Investment:

0,36

0,25

0,33

0,31

0,28

Solvency:

2,27

1,64

1,88

1,84

1,82

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,98

1,37

1,51

1,50

1,47

Borrowing Composition:

0,74

0,46

0,62

0,64

0,73

Repayment Ability:

209,50

43,54

-169,90

-42,68

18,86

Warranty:

2,02

1,73

1,66

1,67

1,68

Generated resources / Total creditors:

0,13

0,10

0,15

0,19

0,11

Efficiency

2014

2013

2012

2011

2010

Productivity:

1,20

1,21

1,36

1,54

1,30

Turnover of Collection Rights :

3,67

3,77

5,00

3,93

3,74

Turnover of Payment Entitlements:

3,27

2,87

3,07

2,36

2,34

Stock rotation:

3,51

2,72

2,57

2,72

3,22

Assets turnover:

1,00

0,93

1,09

1,02

0,84

Borrowing Cost:

2,58

2,40

2,11

1,90

1,73

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

-----

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

18.332,00

Notes

imoputada a resultados

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

70.232,00

Notes

El importe reflejado corresponde al imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

20.029,00

Notes

El importe reflejado corresponde al imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

50.479,00

Notes

El importe reflejado corresponde al traspasado al resultado del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

93.527,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

31.630,00

Notes

Subvención sobre el préstamo ICO - CDTI. Se han traspasado a resultados la cantidad de 10.516 euros, quedando un importe pendiente de aplicación, al cierre del ejercicio, de 21.114 euros.

Entity

GOBIERNO VASCO

Status

CONCEDIDA

Amount Granted

10.108,00

Notes

Subvención Intek. El saldo reflejado es el importe imputado a resultados, quedando un importe pendiente de aplicación al cierre del ejercicio de 10.461 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

6.300,00

Notes

Subvención sobre el préstamo AFI. El saldo reflejado es el importe imputado a resultados, quedando un importe pendiente de aplicación al cierre del ejercicio de 11.378 euros.

Entity

GOBIERNO VASCO

Status

CONCEDIDA

Amount Granted

6.167,00

Notes

Subvención de medio ambiente. El saldo reflejado es el importe imputado a resultados, quedando un importe pendiente de aplicación al cierre del ejercicio de 28.781 euros.

Entity

GOBIERNO VASCO

Status

CONCEDIDA

Amount Granted

2.658,00

Notes

Subvención para la norma ISO 14000. El saldo reflejado es el importe imputado a resultados.

Entity

GOBIERNO VASCO

Subsidy Concept

Subvención de medio ambiente.

Status

CONCEDIDA

Amount Granted

13.069,00

Notes

El saldo reflejado es el importe imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención préstamos AFI.

Status

CONCEDIDA

Amount Granted

11.547,00

Notes

El saldo reflejado es el importe imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

11.000,00

Notes

El saldo reflejado es el importe imputado a resultados.

Entity

GOBIERNO VASCO

Subsidy Concept

Subvención para ISO 14000

Status

CONCEDIDA

Amount Granted

2.658,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención Promeco DFA

Status

CONCEDIDA

Amount Granted

2.275,00

Notes

El saldo reflejado es el importe imputado a resultados.

Entity

GOBIERNO VASCO

Subsidy Concept

Subvención Intek.

Status

CONCEDIDA

Amount Granted

1.850,00

Notes

El saldo reflejado es el importe imputado a resultados.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.32
UK Pound	1	Rs.98.99
Euro	1	Rs.72.13
EUR	1	Rs.72.40

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

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

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

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit