MIRA INFORM REPORT

Report No. :	356638
Report Date :	31.12.2015

IDENTIFICATION DETAILS

Name :	ELECTRO JET SA

Registered Office :	Ctra.De Vic A Manlleu, Km I,5 Edif El Tint - Gurb - 08519 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2014

Date of Incorporation :	31.12.1986

Legal Form :	Public Company

Line of Business :	Manufacture of machinery for textile, apparel and leather production.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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

SPAIN ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained Spain's public finances, as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:

ELECTRO JET SA

NIF / Fiscal code:

A58289141

Status:

ACTIVE

Incorporation Date:

31/12/1986

Register Data

Last Published Account Deposit:

2014

Share Capital:

Localization:

CTRA.DE VIC A MANLLEU, KM I,5 EDIF EL TINT - GURB - 08519 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 938866608 Email. info.jet@electro-jet.com Website. www.electro-jet.com

Number of Branches

Activity:

NACE:

2894 - Manufacture of machinery for textile, apparel and leather production

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

14 for a total cost of 299158.55000000004

Quality Certificate:

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:

ESTER ROVIRA LATORRE

5 %

INGENIERIA DE CONSTRUCCIONES ROVIRA SL

45 %

MIREIA ROVIRA CAMPDELACREU

50 %

Identification

Social Denomination:

ELECTRO JET SA

NIF / Fiscal code:

A58289141

Corporate Status:

ACTIVE

Start of activity:

1974

Registered Office:

CTRA.DE VIC A MANLLEU, KM I,5 EDIF EL TINT

Locality:

GURB

Province:

BARCELONA

Postal Code:

08519

Telephone:

938866608

Website:

www.electro-jet.com

Email:

info.jet@electro-jet.com

Interviewed Person:

Empleado

Branch Offices

Address

Postal Code

City

Province

CALLE VIC A MANLLEU EL TINT 1

08503

GURB

BARCELONA

CARRETERA SANT HIPOLIT B 521

08503

GURB

BARCELONA

Activity

NACE:

2894

Corporate Purpose:

THE PRODUCTION AND COMMERCIALIZATION OF ELECTRIC ENERGY FROM SOLAR ENERGY. THE MANUFACTURING, PREPARATION COMMERCIALIZATION, MAINTENANCE AND RENT OF ALL TYPES OF AIRCRAFTS. THE INTEGRAL EXPLOITATION OF RUSTIC LANDS: FARMING AND FORESTALL EXPLOITATION AS WELL AS ANY OTHER TYPE, THROUGH RENT OR ANY OTHER MEDIUM OD USE TRANSFER TO THIRD PARTIES.

Additional Information:

It is dedicated to the manufacturing of machinery and its accessories for textile industires.

Additional Address:

CTRA.DE VIC A MANLLEU, KM I,5 EDIF.''''''''''''''''''''''''''''''''EL TINT''''''''''''''''''''''''''''''''. , 08519 GURB (BARCELONA), registered office and offices, factory, storehouse, installations of 25.000m2, property.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Adaptation to Law (1) Appointments/ Re-elections (1)

1992

Accounts deposit (year 1991) Appointments/ Re-elections (1)

1993

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

1995

Accounts deposit (year 1993, 1994)

1996

Accounts deposit (year 1995) Statutory Modifications (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (2)

1998

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

1999

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

2000

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

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1) Change of Social address (1)

2002

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

2003

Accounts deposit (year 2002) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (year 2003)

2005

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

2007

Accounts deposit (year 2005, 2006) Appointments/ Re-elections (1)

2008

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

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (year 2009) Termination (1)

2011

Accounts deposit (year 2010)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012)

2014

Accounts deposit (year 2013) Change of Social Purpose (1)

2015

Accounts deposit (year 2014)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

LA PRODUCCION DE ENERGIA ELECTRICA PROCEDENTE DE LA ENERGIA SOLAR Y A SU COMERCIALIZACION.LA FABRICACION,REPARACION,COMERCIALIZACION,MANTENIMIENTO Y ALQUILER DE AERONAVES DE TODO TIPO

27/01/2012

Breakdown of Owners' Equity

Registered Capital:

Paid up capital:

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

ADMINISTRATOR

ROVIRA TRIAS JOSE

11/03/1992

ROVIRA TRIAS JUAN

11/03/1992

JOINT MANAGER

ROVIRA CAMPDELACREU MIREIA

18/01/2012

ROVIRA LATORRE ESTER

18/01/2012

ACCOUNTS' AUDITOR / HOLDER

PACCIOLI AUDITORS SL

13/02/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

E AND M ECONOMISTAS ASOCIADOS SCP

ACCOUNTS' AUDITOR / HOLDER

16/02/2000

ACCOUNTS' AUDITOR / HOLDER

03/02/2001

ACCOUNTS' AUDITOR / HOLDER

19/03/2002

EM ECONOMISTAS ASOCIADOS SCP

ACCOUNTS' AUDITOR / HOLDER

14/03/1998

ACCOUNTS' AUDITOR / HOLDER

02/02/1999

OFASEM SOCIEDAD CIVIL DE AUDITORES

ACCOUNTS' AUDITOR / HOLDER

08/02/1993

ACCOUNTS' AUDITOR / HOLDER

11/03/1997

PACCIOLI AUDITORS SL

ACCOUNTS' AUDITOR / HOLDER

10/04/2008

ACCOUNTS' AUDITOR / HOLDER

04/02/2009

ACCOUNTS' AUDITOR / HOLDER

13/02/2012

RIVERO Y ASOCIADOS SL

ACCOUNTS' AUDITOR / HOLDER

09/02/2005

ROVIRA CAMPDELACREU MIREIA

JOINT MANAGER

18/01/2012

ADMINISTRATOR

13/02/1997

ADMINISTRATOR

19/03/2002

ADMINISTRATOR

23/02/2007

ROVIRA LATORRE ESTHER

JOINT MANAGER

18/01/2012

ADMINISTRATOR

23/02/2007

ROVIRA TRIAS JOAN

JOINT MANAGER

18/01/2012

ADMINISTRATOR

19/03/2002

ADMINISTRATOR

23/02/2007

ROVIRA TRIAS JOSEP

ADMINISTRATOR

19/03/2002

ADMINISTRATOR

21/07/2003

Executive board

Post

NIF

Name

ADMINISTRATOR

ESTER ROVIRA LATORRE

ADMINISTRATOR

JOSE ROVIRA TRIAS

ADMINISTRATOR

JUAN ROVIRA TRIAS

ADMINISTRATOR

MIREIA ROVIRA CAMPDELACREU

FINANCIAL DIRECTOR

MAREIA ROVIRA

MANAGING DIRECTOR

ESTER ROVIRA TORRE

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 36.37of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

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

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ESTER ROVIRA LATORRE

INGENIERIA DE CONSTRUCCIONES ROVIRA SL

BARCELONA

MIREIA ROVIRA CAMPDELACREU

PARTICIPATES IN

GURBCONS SL

BARCELONA

99.4

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

REPSOL COMERCIAL DE PRODUCTOS PETROLIFEROS, S.A.

MADRID

IS RELATED WITH

TRUMPF MAQUINARIA SA

MADRID

Turnover

Total Sales 2014

29.499.314,68

The sales data is from the latest available financial statements. 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

October 2015

2013

Normales

August 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

October 2009

2007

Normales

October 2008

2006

Normales

November 2007

2005

Normales

December 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

October 2003

2001

Normales

August 2002

2000

Normales

September 2001

1999

Normales

October 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

September 1997

1995

Normales

July 1996

1994

Normales

July 1995

1993

Normales

December 1994

1992

Normales

September 1993

1991

Normales

August 1992

1990

Normales

August 1991

1989

Normales

September 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

5.606.915,00

4.848.316,00

5.113.595,00

4.616.189,00

5.384.651,00

I. Intangible fixed assets : 11100

33.247,00

11.258,00

15.640,00

4.728,00

7.794,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

101,00

1.280,00

3.722,00

6.164,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

33.247,00

11.157,00

14.360,00

1.006,00

1.630,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

4.785.652,00

4.080.867,00

4.370.639,00

3.879.425,00

3.066.719,00

1. Land and buildings: 11210

2.968.398,00

3.049.892,00

3.100.666,00

3.180.151,00

2.483.567,00

2. Technical installations and other tangible fixed assets: 11220

1.805.481,00

1.029.389,00

1.268.387,00

697.688,00

571.752,00

3. Tangible asset in progress and advances: 11230

11.774,00

1.586,00

11.400,00

III. Real estate investment: 11300

692.697,00

701.695,00

710.693,00

715.999,00

1.705.273,00

1. Land: 11310

512.759,00

509.067,00

1.416.063,00

2. Buildings: 11320

179.938,00

188.936,00

197.934,00

206.932,00

289.210,00

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

16.037,00

391.037,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

375.000,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

16.037,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

79.282,00

38.459,00

586,00

0,00

213.828,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

20.194.742,00

12.859.824,00

12.129.869,00

14.015.223,00

8.763.043,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

6.774.320,00

5.492.741,00

3.687.504,00

3.520.601,00

2.522.122,00

1. Commercial: 12210

205.964,00

204.465,00

0,00

2. Primary material and other supplies: 12220

531.808,00

458.621,00

285.509,00

314.484,00

176.515,00

3. Work in progress: 12230

3.861.891,00

2.888.399,00

1.937.492,00

1.748.731,00

698.268,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

3.861.891,00

2.888.399,00

1.937.492,00

1.748.731,00

698.268,00

4. Finished goods: 12240

1.917.505,00

1.618.460,00

1.105.242,00

1.054.714,00

1.486.369,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

1.917.505,00

1.618.460,00

1.105.242,00

1.054.714,00

1.486.369,00

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

0,00

6. Advances to suppliers: 12260

257.151,00

321.296,00

153.297,00

198.207,00

160.970,00

III. Trade debtors and others receivable accounts: 12300

5.010.260,00

5.957.385,00

5.087.315,00

8.145.954,00

5.221.213,00

1. Trade debtors / accounts receivable: 12310

4.106.659,00

5.526.600,00

4.494.121,00

7.788.281,00

5.023.234,00

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

0,00

b) Customers for sales and provisions of services : 12312

4.106.659,00

5.526.600,00

4.494.121,00

7.788.281,00

5.023.234,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

30.473,00

0,00

4. Personnel: 12340

0,00

300,00

0,00

5. Assets for deferred tax: 12350

873.129,00

0,00

592.894,00

357.177,00

197.483,00

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

0,00

430.785,00

0,00

496,00

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

4.806.903,00

508.980,00

2.762.492,00

1.612.505,00

225.497,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

6.903,00

3.980,00

12.492,00

12.505,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

4.800.000,00

505.000,00

2.750.000,00

1.600.000,00

225.497,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

83.719,00

35.814,00

39.211,00

33.488,00

6.407,00

VII. Cash and other equivalent liquid assets : 12700

3.519.540,00

864.904,00

553.346,00

702.675,00

787.804,00

1. Treasury: 12710

3.519.540,00

864.904,00

553.346,00

702.675,00

787.804,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

25.801.658,00

17.708.140,00

17.243.464,00

18.631.412,00

14.147.694,00

ORIGINAL

Liabilities and Net Worth

2014

2013

2012

2011

2010

A) NET WORTH: 20000

15.675.062,00

10.426.010,00

12.916.310,00

13.156.825,00

10.127.993,00

A-1) Shareholders' equity: 21000

15.675.062,00

10.425.751,00

12.915.298,00

13.155.061,00

10.125.478,00

I. Capital: 21100

120.200,00

1. Registered capital : 21110

120.200,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

10.305.551,00

10.045.098,00

10.034.861,00

10.005.278,00

9.005.475,00

1. Legal and statutory: 21310

24.040,00

2. Other reserves: 21320

10.281.510,00

10.021.058,00

10.010.821,00

9.981.237,00

8.981.435,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-255.182,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-255.182,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

5.249.311,00

3.760.452,00

2.760.237,00

6.029.584,00

1.254.984,00

VIII. (Interim dividend): 21800

0,00

-3.500.000,00

0,00

-3.000.000,00

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

259,00

1.011,00

1.763,00

2.515,00

B) NON-CURRENT LIABILITIES: 31000

742.261,00

902.821,00

936.761,00

208.057,00

214.927,00

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

652.853,00

793.380,00

14.632,00

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

652.853,00

793.380,00

14.632,00

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

0,00

IV. Liabilities for deferred tax: 31400

89.409,00

109.441,00

143.381,00

193.424,00

200.295,00

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

9.384.334,00

6.379.308,00

3.390.393,00

5.266.530,00

3.804.775,00

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

596.721,00

323.930,00

236.520,00

300.110,00

5.103,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

2.231,00

804,00

1.509,00

110,00

1.495,00

3. Creditors from financial leasing: 32330

0,00

3.608,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

594.491,00

323.127,00

235.011,00

300.000,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

8.787.613,00

6.055.378,00

3.153.873,00

4.966.421,00

3.799.672,00

1. Suppliers: 32510

2.295.187,00

1.846.940,00

2.030.418,00

3.033.229,00

2.677.376,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

2.295.187,00

1.846.940,00

2.030.418,00

3.033.229,00

2.677.376,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

757.008,00

676.974,00

552.408,00

621.794,00

403.864,00

4. Personnel (remuneration due): 32540

94.000,00

99.083,00

95.017,00

121.700,00

81.953,00

5. Liabilities for current tax: 32550

740.422,00

599.559,00

53.495,00

630.807,00

30.342,00

6. Other accounts payable to Public Administrations.: 32560

109.717,00

846.675,00

100.982,00

89.830,00

113.520,00

7. Advances from clients: 32570

4.791.280,00

1.986.147,00

321.553,00

469.061,00

492.617,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

25.801.658,00

17.708.140,00

17.243.464,00

18.631.412,00

14.147.694,00

ORIGINAL

Profit and Loss

2014

2013

2012

2011

2010

1. Net turnover: 40100

29.499.315,00

27.186.100,00

17.398.367,00

26.263.949,00

11.709.125,00

a) Sales: 40110

29.088.699,00

27.018.678,00

17.163.520,00

26.099.124,00

11.519.255,00

b) Rendering of services: 40120

410.616,00

167.422,00

234.847,00

164.825,00

189.869,00

c) Income of financial nature of holding companies: 40130

0,00

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

1.272.537,00

1.464.126,00

239.289,00

618.808,00

1.151.013,00

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

0,00

4. Supplies : 40400

-17.062.020,00

-17.460.277,00

-9.173.806,00

-13.478.031,00

-8.322.451,00

a) Stock consumption: 40410

0,00

2.962,00

0,00

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

-12.196.577,00

-13.408.845,00

-6.388.178,00

-10.345.070,00

-6.176.997,00

c) Works carried out by other companies: 40430

-4.865.442,00

-4.054.395,00

-2.785.628,00

-3.132.961,00

-2.145.454,00

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

0,00

5. Other operating income: 40500

49.925,00

42.197,00

126.573,00

110.025,00

90.854,00

a) Auxiliary income and other from current management: 40510

34.592,00

38.578,00

61.718,00

58.665,00

82.186,00

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

15.333,00

3.619,00

64.855,00

51.360,00

8.668,00

6. Personnel costs: 40600

-2.480.962,00

-2.366.827,00

-2.223.113,00

-2.259.635,00

-1.052.103,00

a) Wages, salaries et al.: 40610

-1.961.439,00

-1.903.203,00

-1.795.318,00

-1.844.395,00

-800.262,00

b) Social security costs: 40620

-519.523,00

-463.624,00

-427.796,00

-415.240,00

-251.840,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-3.225.855,00

-3.207.202,00

-2.711.231,00

-3.135.969,00

-1.933.927,00

a) External services: 40710

-3.060.891,00

-3.088.860,00

-2.653.588,00

-3.025.264,00

-1.916.571,00

b) Taxes: 40720

-20.713,00

-21.538,00

-20.469,00

-18.480,00

-18.265,00

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

-144.251,00

-96.804,00

-37.174,00

-92.224,00

909,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-453.695,00

-418.957,00

-422.492,00

-299.978,00

-378.433,00

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

448,00

1.074,00

0,00

1.074,00

10. Excess provisions : 41000

0,00

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

0,00

-67,00

6.325,00

257,00

-7.195,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-67,00

6.325,00

257,00

-7.195,00

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

7.433,00

-1.712,00

5.539,00

19.259,00

100.954,00

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

7.607.126,00

5.238.454,00

3.245.450,00

7.839.760,00

1.358.911,00

14. Financial income : 41400

29.421,00

42.063,00

81.173,00

55.676,00

56.601,00

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

29.421,00

42.063,00

81.173,00

55.676,00

56.601,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

29.421,00

42.063,00

81.173,00

55.676,00

56.601,00

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

0,00

15. Financial expenditure: 41500

-25.378,00

-57,00

-24.767,00

-554,00

-22.444,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-25.378,00

-57,00

-24.767,00

-554,00

-22.444,00

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

2.088,00

-4.108,00

1.051,00

-4.318,00

45.212,00

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

6.131,00

37.898,00

57.457,00

50.804,00

79.369,00

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

7.613.256,00

5.276.352,00

3.302.908,00

7.890.564,00

1.438.280,00

20. Income taxes: 41900

-2.363.945,00

-1.515.900,00

-542.670,00

-1.860.980,00

-183.296,00

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

5.249.311,00

3.760.452,00

2.760.237,00

6.029.584,00

1.254.984,00

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

0,00

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

5.249.311,00

3.760.452,00

2.760.237,00

6.029.584,00

1.254.984,00

> 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:

5.527.633,00

4.809.857,00

5.113.009,00

4.616.189,00

5.170.823,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

33.247,00

11.258,00

15.640,00

4.728,00

7.794,00

1. Research and development costs:

0,00

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

0,00

101,00

1.280,00

3.722,00

6.164,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

33.247,00

11.157,00

14.360,00

1.006,00

1.630,00

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:

5.478.349,00

4.782.562,00

5.081.332,00

4.595.424,00

4.771.992,00

1. Land and construction:

3.661.095,00

3.751.587,00

3.811.360,00

3.896.150,00

4.188.840,00

2. Technical installations and machinery:

1.453.785,00

828.871,00

1.021.314,00

561.783,00

460.379,00

3. Other installations, tools and furniture:

239.907,00

136.782,00

168.539,00

92.707,00

75.973,00

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

11.774,00

1.586,00

11.400,00

5. Other tangible assets:

111.789,00

63.736,00

78.534,00

43.198,00

35.401,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

16.037,00

391.037,00

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:

0,00

6. Other receivables:

0,00

375.000,00

7. Long term guarantees and deposits:

16.037,00

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:

20.274.025,00

12.898.283,00

12.130.455,00

14.015.223,00

8.976.871,00

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

0,00

II. Stocks:

6.774.320,00

5.492.741,00

3.687.504,00

3.520.601,00

2.522.122,00

1. Goods for resale:

205.964,00

204.465,00

0,00

2. Raw materials and other consumables:

531.808,00

458.621,00

285.509,00

314.484,00

176.515,00

3. Goods in process and semifinished ones:

3.861.891,00

2.888.399,00

1.937.492,00

1.748.731,00

698.268,00

4. Finished products:

1.917.505,00

1.618.460,00

1.105.242,00

1.054.714,00

1.486.369,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

257.151,00

321.296,00

153.297,00

198.207,00

160.970,00

7. Provisions:

0,00

III. Debtors:

5.089.543,00

5.995.844,00

5.087.902,00

8.145.954,00

5.435.041,00

1. Trade debtors / accounts receivable:

4.106.659,00

5.526.600,00

4.494.121,00

7.788.281,00

5.023.234,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

30.473,00

0,00

5. Staff:

0,00

300,00

0,00

6. Public bodies:

952.411,00

469.244,00

593.480,00

357.673,00

411.807,00

7. Provisions:

0,00

IV. Short-term investments:

4.806.903,00

508.980,00

2.762.492,00

1.612.505,00

225.497,00

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

6. Other receivables:

6.903,00

3.980,00

12.492,00

12.505,00

0,00

7. Shor term guarantees and deposits:

4.800.000,00

505.000,00

2.750.000,00

1.600.000,00

225.497,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

3.519.540,00

864.904,00

553.346,00

702.675,00

787.804,00

VII. Prepayments and accrued income:

83.719,00

35.814,00

39.211,00

33.488,00

6.407,00

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

25.801.658,00

17.708.140,00

17.243.464,00

18.631.412,00

14.147.694,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2014

2013

2012

2011

2010

A) EQUITY:

15.675.062,00

10.425.828,00

12.915.602,00

13.155.590,00

10.126.232,00

I. Subscribed capital:

120.200,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

10.305.551,00

10.045.176,00

10.035.165,00

10.005.807,00

9.006.230,00

1. Legal reserve:

24.040,00

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:

10.281.507,00

10.021.133,00

10.011.121,00

9.981.763,00

8.982.187,00

6. Differences due to capital adjustment to euros:

3,00

V. Profit or loss brought forward:

0,00

-255.182,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-255.182,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

5.249.311,00

3.760.452,00

2.760.237,00

6.029.584,00

1.254.984,00

VII. Interim dividend paid:

0,00

-3.500.000,00

0,00

-3.000.000,00

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

182,00

708,00

1.234,00

1.761,00

1. Capital grants:

0,00

182,00

708,00

1.234,00

1.761,00

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:

742.261,00

902.821,00

936.761,00

208.057,00

214.927,00

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:

742.261,00

902.821,00

936.761,00

208.057,00

214.927,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

652.853,00

793.380,00

14.632,00

4. Long term payables to public bodies:

89.409,00

109.441,00

143.381,00

193.424,00

200.295,00

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:

9.384.334,00

6.379.308,00

3.390.393,00

5.266.530,00

3.804.775,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

2.231,00

804,00

1.509,00

110,00

5.103,00

1. Loans and other liabilities:

2.231,00

804,00

1.509,00

110,00

1.495,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

3.608,00

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:

7.843.475,00

4.510.061,00

2.904.379,00

4.124.084,00

3.573.857,00

1. Advanced payments from customers:

4.791.280,00

1.986.147,00

321.553,00

469.061,00

492.617,00

2. Amounts owed for purchases of goods or services:

3.052.195,00

2.523.915,00

2.582.826,00

3.655.024,00

3.081.240,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

1.538.629,00

1.868.443,00

484.505,00

1.142.336,00

225.815,00

1. Public bodies:

850.138,00

1.446.234,00

154.477,00

720.636,00

143.862,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

594.491,00

323.127,00

235.011,00

300.000,00

0,00

4. Wages and salaries payable:

94.000,00

99.083,00

95.017,00

121.700,00

81.953,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

25.801.658,00

17.708.140,00

17.243.464,00

18.631.412,00

14.147.694,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2014

2013

2012

2011

2010

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

25.611.855,00

24.975.108,00

15.098.080,00

21.039.466,00

11.899.849,00

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

0,00

A.2. Supplies:

17.062.020,00

17.460.277,00

9.173.806,00

13.478.031,00

8.322.451,00

a) Stock consumption:

0,00

-2.962,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

12.196.577,00

13.408.845,00

6.388.178,00

10.345.070,00

6.176.997,00

c) Miscellaneous external expenditure:

4.865.442,00

4.054.395,00

2.785.628,00

3.132.961,00

2.145.454,00

A.3. Staff costs:

2.480.962,00

2.366.827,00

2.223.113,00

2.259.635,00

1.052.103,00

a) Wages, salaries et al.:

1.961.439,00

1.903.203,00

1.795.318,00

1.844.395,00

800.262,00

b) Social security costs:

519.523,00

463.624,00

427.796,00

415.240,00

251.840,00

A.4. Depreciation expense:

453.695,00

418.957,00

422.492,00

299.978,00

378.433,00

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

144.251,00

96.804,00

37.174,00

92.224,00

-909,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

144.251,00

96.804,00

37.174,00

92.224,00

-909,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

3.081.604,00

3.110.398,00

2.674.057,00

3.043.745,00

1.934.836,00

a) External services:

3.060.891,00

3.088.860,00

2.653.588,00

3.025.264,00

1.916.571,00

b) Taxes:

20.713,00

21.538,00

20.469,00

18.480,00

18.265,00

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):

7.599.245,00

5.239.160,00

3.233.587,00

7.819.169,00

1.264.077,00

A.7. Financial and similar charges:

25.378,00

57,00

24.767,00

554,00

22.444,00

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.:

25.378,00

57,00

24.767,00

554,00

22.444,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

4.108,00

0,00

4.318,00

0,00

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

6.131,00

37.898,00

57.457,00

50.804,00

79.369,00

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

7.605.376,00

5.277.058,00

3.291.044,00

7.869.973,00

1.343.447,00

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

67,00

0,00

7.195,00

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

0,00

A.13. Extraordinary expenses:

0,00

1.712,00

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):

7.880,00

0,00

11.864,00

20.591,00

94.833,00

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

7.613.256,00

5.276.352,00

3.302.908,00

7.890.564,00

1.438.280,00

A.15. Corporation tax:

2.363.945,00

1.515.900,00

542.670,00

1.860.980,00

183.296,00

A.16. Miscellaneous taxes:

0,00

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

5.249.311,00

3.760.452,00

2.760.237,00

6.029.584,00

1.254.984,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2014

2013

2012

2011

2010

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

30.861.166,00

28.735.560,00

17.858.318,00

27.069.049,00

13.154.833,00

B.1. Net total sales:

29.499.315,00

27.186.100,00

17.398.367,00

26.263.949,00

11.709.125,00

a) Sales:

29.088.699,00

27.018.678,00

17.163.520,00

26.099.124,00

11.519.255,00

b) Rendering of services:

410.616,00

167.422,00

234.847,00

164.825,00

189.869,00

Returns and Rappel on sales:

0,00

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

1.272.537,00

1.464.126,00

239.289,00

618.808,00

1.151.013,00

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

0,00

B.4. Miscellaneous operating income:

49.925,00

42.197,00

126.573,00

110.025,00

90.854,00

a) Auxiliary income and other from current management:

34.592,00

38.578,00

61.718,00

58.665,00

82.186,00

b) Grants:

15.333,00

3.619,00

64.855,00

51.360,00

8.668,00

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:

29.421,00

42.063,00

81.173,00

55.676,00

56.601,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

29.421,00

42.063,00

81.173,00

55.676,00

56.601,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

2.088,00

0,00

1.051,00

0,00

45.212,00

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

0,00

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

0,00

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

0,00

6.325,00

257,00

0,00

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

0,00

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

448,00

1.074,00

0,00

1.074,00

B.12. Extraordinary income:

7.433,00

0,00

5.539,00

19.259,00

100.954,00

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

706,00

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

7.613.256,00

5.276.352,00

3.302.907,00

7.890.563,00

1.272.765,00

2. Results adjustments.: 61200

-1.921.991,00

-770.219,00

-443.104,00

-1.538.055,00

200.914,00

a) Fixed Assets Amortization (+).: 61201

445.081,00

352.504,00

361.248,00

258.222,00

214.629,00

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

-2.367.072,00

-1.122.723,00

-804.352,00

-1.796.277,00

-13.715,00

3. Changes in current capital equity.: 61300

2.353.003,00

-163.582,00

1.335.146,00

-2.848.253,00

-697.531,00

a) Stock (+/-).: 61301

-1.281.578,00

-1.805.237,00

-166.903,00

-998.479,00

-1.311.891,00

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

902.346,00

-1.259.850,00

3.314.597,00

-3.016.524,00

-1.188.457,00

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

3.333.414,00

1.605.682,00

-1.219.706,00

550.230,00

1.699.333,00

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

-601.179,00

1.295.823,00

-592.842,00

616.519,00

103.485,00

4. Other cash flows for operating activities.: 61400

0,00

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

8.044.268,00

4.342.551,00

3.504.255,00

776.148,00

6. Payments for investment (-).: 62100

-1.162.856,00

-49.352,00

-858.069,00

296.413,00

166.075,00

b) Intangible fixed assets. : 62102

-40.686,00

-3.259,00

-19.280,00

0,00

15.265,00

c) Fixed assets. : 62103

-1.122.170,00

-46.093,00

-835.097,00

-1.131.272,00

189.115,00

d) Real estate investment. : 62104

0,00

-3.692,00

1.052.685,00

-59.828,00

e) Other financial assets. : 62105

0,00

375.000,00

21.523,00

7. Divestment payment collection (+). : 62200

0,00

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

-1.162.856,00

-49.352,00

-858.069,00

296.413,00

166.075,00

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

-3.500.260,00

-2.750.751,00

-6.000.750,00

-754,00

166.643,00

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

-3.500.001,00

-2.749.999,00

-6.000.000,00

0,00

167.448,00

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

-259,00

-752,00

0,00

-753,00

-806,00

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

71.408,00

15.598,00

-750,00

501.966,00

-86.978,00

a) Issuance : 63201

0,00

664.528,00

0,00

b) Repayment and amortization of : 63207

71.408,00

15.598,00

664.528,00

501.966,00

-86.978,00

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

272.790,00

87.411,00

-63.591,00

295.008,00

5.103,00

5. Other debts (-). : 63212

-201.382,00

-71.813,00

728.119,00

206.958,00

-92.081,00

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

3.500.000,00

-3.500.000,00

3.000.000,00

-3.000.000,00

0,00

a) Dividends (-).: 63301

3.500.000,00

-3.500.000,00

3.000.000,00

-3.000.000,00

0,00

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

71.148,00

-6.235.153,00

-2.336.222,00

-2.498.788,00

79.665,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

6.952.560,00

-1.941.954,00

1.000.658,00

1.301.880,00

1.021.887,00

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

0,00

1.301.880,00

0,00

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:

0,09 %

0,01 %

685,25 %

-45,16 %

EBITDA over Sales:

27,30 %

11,82 %

20,81 %

11,54 %

31,16 %

2,41 %

Cash Flow Yield:

0,10 %

0,00 %

0,02 %

0,01 %

484,78 %

-38,24 %

Profitability

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

36,23 %

8,57 %

30,50 %

7,05 %

18,79 %

21,44 %

Total economic profitability:

29,61 %

5,07 %

29,80 %

3,70 %

-0,64 %

36,79 %

Financial profitability:

33,49 %

7,77 %

36,07 %

4,06 %

-7,15 %

91,47 %

Margin:

25,72 %

7,42 %

19,25 %

6,89 %

33,64 %

7,68 %

Mark-up:

25,74 %

6,83 %

19,38 %

4,51 %

32,78 %

51,43 %

Solvency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,38

0,14

0,13

176,62

8,18

Acid Test:

1,42

0,89

1,15

0,87

23,66

2,18

Working Capital / Investment:

0,42

0,03

0,37

0,05

14,49

-37,95

Solvency:

2,16

1,21

2,02

1,18

6,85

3,01

Indebtedness

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,65

1,33

0,70

1,38

-7,51

-3,63

Borrowing Composition:

0,08

1,10

0,14

1,00

-44,11

9,75

Repayment Ability:

3,81

160,11

23,37

100,36

-83,68

59,53

Warranty:

2,55

1,76

2,43

1,73

4,78

1,49

Generated resources / Total creditors:

0,56

0,09

0,57

0,08

-1,87

6,19

Efficiency

2014

2013

Variación 2014 - 2013

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

4,25

1,97

3,39

1,86

25,23

5,80

Turnover of Collection Rights :

5,90

5,31

4,57

4,99

29,04

6,43

Turnover of Payment Entitlements:

2,45

3,72

3,65

3,62

-32,87

2,68

Stock rotation:

3,24

8,28

4,00

7,32

-19,06

13,15

Assets turnover:

1,41

1,15

1,58

1,02

-11,11

12,78

Borrowing Cost:

0,25

2,88

0,00

2,88

0,04

> 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:

0,09 %

0,01 %

-0,01 %

0,00 %

0,05 %

EBITDA over Sales:

27,30 %

20,81 %

21,01 %

30,91 %

14,03 %

Cash Flow Yield:

0,10 %

0,02 %

-0,01 %

0,00 %

0,04 %

Profitability

2014

2013

2012

2011

2010

Operating economic profitability:

36,23 %

30,50 %

22,40 %

46,00 %

9,30 %

Total economic profitability:

29,61 %

29,80 %

19,30 %

42,35 %

10,32 %

Financial profitability:

33,49 %

36,07 %

21,37 %

45,83 %

12,39 %

Margin:

25,72 %

19,25 %

18,49 %

29,65 %

10,66 %

Mark-up:

25,74 %

19,38 %

18,82 %

29,84 %

11,33 %

Solvency

2014

2013

2012

2011

2010

Liquidity:

0,38

0,14

0,16

0,13

0,21

Acid Test:

1,42

1,15

2,48

1,99

1,64

Working Capital / Investment:

0,42

0,37

0,51

0,47

0,35

Solvency:

2,16

2,02

3,58

2,66

2,36

Indebtedness

2014

2013

2012

2011

2010

Indebtedness level:

0,65

0,70

0,34

0,42

0,40

Borrowing Composition:

0,08

0,14

0,28

0,04

0,06

Repayment Ability:

3,81

23,37

-28,98

-64,31

7,43

Warranty:

2,55

2,43

3,98

3,40

3,52

Generated resources / Total creditors:

0,56

0,57

0,74

1,16

0,41

Efficiency

2014

2013

2012

2011

2010

Productivity:

4,25

3,39

2,64

4,59

2,56

Turnover of Collection Rights :

5,90

4,57

3,44

3,24

2,26

Turnover of Payment Entitlements:

2,45

3,65

3,84

3,47

3,00

Stock rotation:

3,24

4,00

3,88

5,27

4,18

Assets turnover:

1,41

1,58

1,21

1,55

0,87

Borrowing Cost:

0,25

0,00

0,57

0,01

0,56

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

INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR

Subsidy Concept

subvención de explotación

Status

CONCEDIDA

Amount Granted

12.038,82

Entity

DEPARTAMENTO D'AGRICULTURA, RAMADERIA I PESCA

Subsidy Concept

subvención de explotación

Status

CONCEDIDA

Amount Granted

3.293,86

Entity

DEPARTAMENTO DE AGRICULTURA, GANADERIA Y PESCA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

3.618,80

Notes

El importe reflejado es el imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

1.074,12

Notes

El importe reflejado corresponde al traspasado a resultados.

Entity

INSTITUTO ESPAÑOL DE CREDITO EXTERIOR

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

60.121,66

Notes

El importe reflejado es el imputado a resultados.

Entity

INSTITUTO ESPAÑOL DE CREDITO EXTERIOR

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

44.957,01

Notes

El importe reflejado es el imputado a resultados.

Entity

CONSORCIO DE PROMOCION COMERCIAL DE CATALUNYA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

2.743,61

Notes

El importe reflejado es el imputado a resultados.

Entity

DEPARTAMENTO DE AGRICULTURA, GANADERIA Y PESCA

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

5.031,74

Entity

CONSORCIO DE PROMOCION COMERCIAL DE CATALUNYA

Status

CONCEDIDA

Amount Granted

3.636,09

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

120.104,10

Notes

Subvención concedido por la presencia en las Ferias Internacionales del sector.

Entity

CENTRO DE DESARROLLO DE TECNOLOGIA DE LA INFORMACIÓN

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

8.950,95

Notes

Se han traspasado a resultados 984,61 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

1.180,82

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

27.008,76

Notes

Subvención concedido por la presencia en las Ferias Internacionales del sector.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

5.398,21

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.42
UK Pound	1	Rs.98.55
Euro	1	Rs.72.60
EUR	1	Rs.72.53

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

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

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