MIRA INFORM REPORT

Report No. :	308030
Report Date :	12.02.2015

IDENTIFICATION DETAILS

Name :	ZIGOR CORPORACION SA

Registered Office :	C/ Portal De Gamarra, N° 28 Vitoria-Gasteiz Alava 01013

Country :	Spain

Financials (as on) :	31.12.2012

Date of Incorporation :	19.07.1991

Legal Form :	Public company

Line of Business :	Subject is engaged in the design, fabrication and commercialisation of transforming energetic systems, made-cutome electronical solutions and renewable energies.

No. of Employee :	70

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

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

SPAIN ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining 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 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, 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 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

ZIGOR CORPORACION SA

NIF / Fiscal code:

A01115807

Status:

ACTIVE

Incorporation Date:

19/07/1991

Register Data

Last Publication in BORME:

28/11/2014 [Capital Reduction Announcement]

Last Published Account Deposit:

2012

Share Capital:

20.514.588,75

Localization:

C/ PORTAL DE GAMARRA, N° 28 - VITORIA-GASTEIZ - 01013 - ALAVA

Telephone - Fax - Email - Website:

Ph.:. 945 291 541�� Email. zigor@zigor.com�� Website. www.zigor.com

Number of Branches

Activity:

NACE:

2790 - Manufacture of other electrical equipment

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

8 for a total cost of 490094

Quality Certificate:

Default Risk:

28.553%

Maximum recommended commercial credit:

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

44.387,91

---

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:

CORPORACION JUAN CELAYA SOCIEDAD LIMITADA

75.01 %

PACKAGING AND ELECTRICAL PRODUCTS HOLDING EUROPE BV

24.98 %

Enquiry Details

IDENTIFICATION

Social Denomination:

ZIGOR CORPORACION SA

NIF / Fiscal code:

A01115807

Corporate Status:

ACTIVE

Start of activity:

1991

Registered Office:

C/ PORTAL DE GAMARRA, N° 28

Locality:

VITORIA-GASTEIZ

Province:

ALAVA

Postal Code:

01013

Telephone:

945 291 541

Fax:

945 229 600

Website:

www.zigor.com

Email:

zigor@zigor.com

BRANCH OFFICES

Address

Postal Code

City

Province

C/ San Máximo 31-4ª Planta, Local 10

28041

Madrid

C/ Unió, 63-65 Entl.

08800

Vilanova i la Geltrú

Barcelona

C/Romero nº32

18100

Armilla

Granada

C/ Menacho 38 2ºD

06001

Badajoz

C/ Montiño 1 Entreplanta

15009

La Coruña

C/ Poniente Nº 9 - PI Los Vientos

46119

Naquera

Valencia

ACTIVITY

NACE:

2790

Additional Information:

The company is engaged in the design, fabrication and commercialisation of transforming energetic systems, made-cutome electronical solutions and renewable energies. It is part of the group ZIGOR. Leading company in innovation of made-custom solutions of Support Network Quality, Solar Photovoltaic Systems, and "turnkey" development of power electronics. Zigor owns a Management System of Quality and Environment conformed to the requirements of the spanish Standard UNE-EN-ISO 9001:2008 y UNE-EN-ISO 14001:2004, validado por AENOR Due to the market crisis -not only in the national scope but also international- and the financial difficulties, the group went to a previous phase of meeting creditors in the end 2013, but finally the group arrived to solve its financial problems in April 2014.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

NUMBER OF EMPLOYEES

Year

No. of employees

Established

Incidentals

2015

Chronological Summary

Year

Act

1991

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

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1996

Accounts deposit (ejer. 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1997

Accounts deposit (ejer. 1996)

1998

Accounts deposit (ejer. 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Dividends Payment (1) Increase of Capital (1)

1999

Accounts deposit (ejer. 1998) Other Concepts/ Events (1)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

2002

Accounts deposit (ejer. 2001) Change of Social Purpose (1) Change of Social address (1)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (ejer. 2003, 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

2007

Accounts deposit (ejer. 2005, 2006) Appointments/ Re-elections (4)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (3) Change of Social Denomination (1) Change of Social address (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Capital Reduction (5) Increase of Capital (2) Other Concepts/ Events (2)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2014

Capital Reduction (1)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

FABRICACION MONTAJE DE MAQUINAS Y M QUINAS HERRAMIENTAS.

Company Formation

18/11/1991

Breakdown of Owners' Equity

Registered Capital:

20.514.588,75

Paid up capital:

20.514.588,75

UPDATED EVOLUTION OF THE SUBSCRIBED AND PAID-IN CAPITAL

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

21/10/1991

Company Formation

360.607

90.152

360.607

90.152

17/03/1998

Capital call payment

---

270.455

360.607

23/12/1998

Increase of Capital

1.742.935

2.103.542

31/01/2001

Increase of Capital

1.502.530

3.606.073

12/01/2009

Increase of Capital

5.449.994

9.055.994

03/10/2011

Capital Reduction

-2.320.504

6.735.490

03/10/2011

Capital Reduction

-572.592

6.162.898

03/10/2011

Capital Reduction

-512.319

5.650.579

03/10/2011

Increase of Capital

6.174.210

11.824.789

03/10/2011

Increase of Capital

8.689.800

20.514.589

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

CELAYA LETAMENDI JUAN

14/08/2012

MEMBER OF THE BOARD

CELAYA LETAMENDI JUAN

14/08/2012

GABILONDO ARRIOLA JOSE MIGUEL

14/08/2012

OLARTE SANJUAN JAVIER MOISES

14/08/2012

RAMIREZ GARCIA ANDOIN FRANCISCO JAVIER

18/09/2009

PROXY

OLARTE SANJUAN JAVIER MOISES

17/10/2008

RODRIGUEZ MARTINEZ GERARDO

08/01/2007

SALCEDO COSCOLLOLA JOAN BAPTISTA

08/01/2007

CELAYA LETAMENDI JUAN

26/04/2001

AGUIRRE IRAZABAL JUAN MIGUEL

02/02/2001

CHIEF EXECUTIVE OFFICER

GABILONDO ARRIOLA JOSE MIGUEL

14/08/2012

SECRETARY

OLARTE SANJUAN JAVIER MOISES

14/08/2012

ACCOUNTS' AUDITOR / HOLDER

MOORE STEPHENS AMS SL

22/11/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUIRRE IBARBIA JAVIER

SINGLE ADMINISTRATOR

23/09/2003

SINGLE ADMINISTRATOR

11/10/2006

AGUIRRE IRAZABAL JON MIKEL

SINGLE ADMINISTRATOR

11/10/2006

BILBAO URRUTIA IÑIGO

SINGLE ADMINISTRATOR

02/10/1996

SINGLE ADMINISTRATOR

17/03/1998

MEMBER OF THE BOARD

18/09/2009

CELAYA LETAMENDI JUAN

MEMBER OF THE BOARD

14/08/2012

PRESIDENT

14/08/2012

GABILONDO ARRIOLA JOSE MIGUEL

MEMBER OF THE BOARD

14/08/2012

CHIEF EXECUTIVE OFFICER

14/08/2012

IRIBARREN ASENJO JOSE LUIS

MEMBER OF THE BOARD

26/12/2013

MADINA AGUIRRE AITOR

MEMBER OF THE BOARD

05/03/2009

MOORE STEPHENS AMS SL

ACCOUNTS' AUDITOR / HOLDER

19/10/2012

ACCOUNTS' AUDITOR / HOLDER

22/11/2013

ACCOUNTS' AUDITOR / HOLDER

25/01/2007

ACCOUNTS' AUDITOR / HOLDER

16/10/2007

ACCOUNTS' AUDITOR / HOLDER

29/09/2008

ACCOUNTS' AUDITOR / HOLDER

25/10/2008

ACCOUNTS' AUDITOR / HOLDER

11/10/2010

ACCOUNTS' AUDITOR / HOLDER

11/07/2011

OLARTE SANJUAN JAVIER MOISES

SECRETARY

14/08/2012

MEMBER OF THE BOARD

14/08/2012

PROXY

17/10/2008

PROXY

09/11/2001

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

PASTOR GARCIA

MANAGING DIRECTOR

JAVIER OLARTE

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

20/01/2014

04/02/2015

Status: Friendly

37691.50

20/01/2014

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

50.00% of contract defaults, which represent 84.91% of the amount, are in amicable debt collection status; the creditor entities have not initiated legal action for recovery.

It must be noted that the total unpaid amount registered with ASNEF Empresas has decreased by 7.01% in the past six months.

Highlight that the Company has payment defaults older than twelve months.

List of current instances of default for each of the transactions in progress

Type of creditor

Product

Value of transactions (_)

Status

No. of defaults

Default balance (_)

Date of first default

Date of last default

OTRAS

Otros

---

Amistoso

---

37691.50

20/01/14

SOCIEDADES DE SEGUROS CREDITICIOS

Seguros, alquiler

150000.00

Otros

6696.41

20/01/14

20/02/14

44.387,91

Default by status

Default by product

Age of current debt

Change in values of defaults and settled debts

Changes in defaults by status

Changes in defaults by product

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

> Basis for scoring

Positive Factors

Adverse Factors

It has been found to have irregular payment performance at the credit bureaus and has not paid all of its debts in a timely manner.

It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets.

It does not have any financial profitability.. ZIGOR CORPORACION SAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation.

Debts assumed by the company based on the volume of its own resources have increased in the previous financial year.

ZIGOR CORPORACION SA presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Probability of default

> Estimated Probability of Default for the next 12 months: 28.553 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

279 Manufacture of other electrical equipment

Relative Position:

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

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

The 3.00% of the companies of the sector ZIGOR CORPORACION SA belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 28.553%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

SUMMARY OF JUDICIAL CLAIMS

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

GUARANTEES

REFERENCES

Clients

Name

NIF

Telephone

IKEA

Link List

IS RELATED WITH:

2 Entities

PARTICIPATES IN:

5 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CORPORACION JUAN CELAYA SOCIEDAD LIMITADA

ALAVA

75.01

PACKAGING AND ELECTRICAL PRODUCTS HOLDING EUROPE BV

24.98

PARTICIPATES IN

ZIGOR RESEARCH & DEVELOPMENT AIE

ALAVA

99.99

ZIGOR CHILE, S.A.

99.5

ZIGOR DO BRASIL SISTEMAS DE ENERGIA LDA

99.99

ZIGOR T&C SL

ALAVA

100

ZIGOR MEXICO, SOCIEDAD ANONIMA, DE C.V.

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

ZIGOR ARGENTINA

IS RELATED WITH

CTL-TH PACKAGING SL

ALAVA

Turnover

Total Sales 2014

13.500.000

Estimated Balance

ECONOMIC DATA : 2014 ( THOUSANDS OF EURO ) TOTAL ASSETS ..........................................34.000 NOT CURRENT ASSETS..............................18.000 CURRENT ASSETS....................................16.000 LIABILITIES OWN FUNDS......................................12.000 NOT CURRENT LIABILITIES.............................10.000 CURRENT LIABILITIES...................................12.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2012

Normale

December 2013

2011

Normales

November 2012

2010

Normales

September 2011

2009

Normales

October 2010

2008

Normales

September 2009

2007

Normales

October 2008

2006

Normales

October 2007

2005

Normales

April 2007

2004

Normales

September 2006

2003

Normales

August 2006

2002

Normales

September 2003

2001

Normales

November 2002

2000

Normales

October 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

August 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

July 1993

1991

Normales

August 1992

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 31/12/2012

> Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

ORIGINAL

Assets

2012

2011

2010

2009

2008

A) NON-CURRENT ASSETS: 11000

17.357.657,00

16.396.455,00

7.612.218,00

5.472.707,00

6.168.529,00

I. Intangible fixed assets : 11100

6.381.634,00

5.467.785,00

4.346.345,00

2.462.544,00

2.687.449,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

181.705,00

68.483,00

103.996,00

124.940,00

153.312,00

6. Investigation: 11160

6.199.929,00

5.399.302,00

4.242.349,00

2.337.604,00

2.534.137,00

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

7.698.301,00

7.692.736,00

1.051.169,00

545.443,00

622.490,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

6.559.987,00

7.692.736,00

1.051.169,00

545.443,00

622.490,00

3. Tangible asset in progress and advances: 11230

1.138.314,00

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

3.235.752,00

3.193.964,00

2.169.934,00

2.419.338,00

2.834.472,00

1. Equity instruments: 11410

652.846,00

583.920,00

1.314.529,00

1.075.525,00

1.085.528,00

2. Credits to businesses: 11420

2.582.906,00

2.610.044,00

855.405,00

1.343.813,00

1.748.944,00

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

41.970,00

44.770,00

45.382,00

24.118,00

1. Equity instruments: 11510

29.305,00

28.405,00

481,00

2. Credits to third parties : 11520

0,00

2.800,00

9.460,00

16.120,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

12.665,00

7.517,00

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

20.596.964,00

23.057.980,00

24.896.099,00

23.985.750,00

18.696.524,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

6.899.332,00

7.053.492,00

6.622.184,00

7.886.428,00

9.861.567,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

1.416.430,00

1.889.762,00

1.776.110,00

1.619.735,00

1.525.236,00

3. Work in progress: 12230

1.733.986,00

1.958.799,00

1.710.343,00

1.141.076,00

3.076.786,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

1.733.986,00

1.958.799,00

1.710.343,00

1.141.076,00

3.076.786,00

4. Finished goods: 12240

3.595.134,00

3.143.786,00

2.940.110,00

4.977.146,00

5.171.277,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

3.595.134,00

3.143.786,00

2.940.110,00

4.977.146,00

5.171.277,00

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

0,00

6. Advances to suppliers: 12260

153.782,00

61.145,00

195.621,00

148.471,00

88.268,00

III. Trade debtors and others receivable accounts: 12300

12.994.622,00

15.878.129,00

16.673.106,00

13.940.692,00

8.815.299,00

1. Trade debtors / accounts receivable: 12310

3.563.677,00

6.636.499,00

9.057.981,00

7.471.261,00

3.462.418,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.563.677,00

6.636.499,00

9.057.981,00

7.471.261,00

3.462.418,00

2. Customers, Group companies and associates : 12320

9.058.651,00

8.554.793,00

7.045.909,00

6.246.224,00

4.617.252,00

3. Other accounts receivable: 12330

0,00

34.969,00

4. Personnel: 12340

0,00

2.800,00

6.660,00

9.344,00

5. Assets for deferred tax: 12350

3.777,00

1.531,00

1.383,00

1.114,00

205,00

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

368.517,00

682.506,00

561.173,00

215.433,00

691.111,00

7. Called up share capital: 12370

0,00

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

283.058,00

51.733,00

1.461.286,00

964.876,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

283.058,00

51.733,00

1.461.286,00

964.876,00

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

0,00

1.165.714,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

1.165.714,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

3.805,00

8.878,00

13.952,00

0,00

VII. Cash and other equivalent liquid assets : 12700

416.147,00

65.748,00

125.571,00

28.040,00

19.658,00

1. Treasury: 12710

416.147,00

65.748,00

125.571,00

28.040,00

19.658,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

37.954.621,00

39.454.435,00

32.508.317,00

29.458.457,00

24.865.053,00

ORIGINAL

Liabilities and Net Worth

2012

2011

2010

2009

2008

A) NET WORTH: 20000

13.900.441,00

16.811.174,00

6.818.894,00

6.666.905,00

8.047.735,00

A-1) Shareholders' equity: 21000

13.788.358,00

16.700.758,00

6.737.654,00

6.589.903,00

7.937.307,00

I. Capital: 21100

18.583.107,00

9.055.994,00

1. Registered capital : 21110

20.514.589,00

9.055.994,00

2. (Uncalled capital): 21120

-1.931.482,00

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.068.766,00

-42.362,00

1. Legal y estatutarias: 21310

1.087.003,00

14.160,00

2. Other reserves: 21320

-18.237,00

-56.522,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

-2.951.115,00

0,00

-2.423.729,00

-1.076.325,00

-1.477.234,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

-2.951.115,00

0,00

-2.423.729,00

-1.076.325,00

-1.477.234,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-2.912.400,00

-2.951.115,00

147.751,00

-1.347.404,00

400.909,00

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

112.083,00

110.416,00

81.240,00

77.002,00

110.428,00

B) NON-CURRENT LIABILITIES: 31000

13.564.008,00

8.337.962,00

6.354.441,00

6.889.477,00

6.500.315,00

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

1.080.701,00

605.302,00

1.133.128,00

1.669.812,00

1.250.000,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

422.016,00

0,00

849.934,00

1.349.979,00

1.250.000,00

3. Creditors from financial leasing: 31230

374.290,00

380.954,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

284.395,00

224.348,00

283.194,00

319.833,00

0,00

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

0,00

7.689.720,00

5.189.720,00

5.207.371,00

IV. Liabilities for deferred tax: 31400

43.587,00

42.940,00

31.593,00

29.945,00

42.944,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

12.439.720,00

0,00

C) CURRENT LIABILITIES : 32000

10.490.172,00

14.305.299,00

19.334.982,00

15.902.075,00

10.317.003,00

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

6.281.692,00

9.942.616,00

8.073.418,00

9.629.089,00

5.777.093,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

6.105.169,00

9.862.702,00

8.036.779,00

9.629.089,00

5.777.093,00

3. Creditors from financial leasing: 32330

49.030,00

25.028,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

127.493,00

54.886,00

36.639,00

0,00

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

0,00

6.613.750,00

0,00

V. Trade creditors and other accounts payable: 32500

4.208.480,00

4.362.683,00

4.647.814,00

6.272.986,00

4.539.910,00

1. Suppliers: 32510

1.995.997,00

2.773.166,00

3.297.268,00

4.600.830,00

3.136.994,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.995.997,00

2.773.166,00

3.297.268,00

4.600.830,00

3.136.994,00

2. Suppliers, Group companies and associates: 32520

1.259.047,00

439.246,00

332.631,00

202.481,00

314.357,00

3. Other creditors: 32530

260.959,00

324.733,00

258.324,00

551.953,00

421.423,00

4. Personnel (remuneration due): 32540

147.812,00

137.219,00

116.167,00

109.074,00

151.009,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

148.330,00

153.984,00

132.517,00

502.157,00

205.918,00

7. Advances from clients: 32570

396.335,00

534.335,00

510.907,00

306.491,00

310.209,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

37.954.621,00

39.454.435,00

32.508.317,00

29.458.457,00

24.865.053,00

ORIGINAL

Profit and Loss

2012

2011

2010

2009

2008

1. Net turnover: 40100

13.631.803,00

15.789.784,00

18.722.909,00

20.603.685,00

22.140.657,00

a) Sales: 40110

12.710.195,00

14.884.002,00

17.991.777,00

18.681.394,00

21.394.276,00

b) Rendering of services: 40120

921.608,00

905.782,00

731.132,00

1.922.291,00

746.381,00

c) Income of financial nature of holding companies: 40130

0,00

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

413.582,00

452.132,00

-1.492.114,00

-2.108.204,00

5.448.841,00

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

0,00

284.606,00

0,00

198.800,00

595.495,00

4. Supplies : 40400

-8.212.746,00

-10.181.084,00

-10.169.074,00

-11.987.076,00

-20.400.402,00

a) Stock consumption: 40410

0,00

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

-7.501.353,00

-9.344.490,00

-9.821.348,00

-10.632.032,00

-18.802.978,00

c) Works carried out by other companies: 40430

-711.393,00

-836.353,00

-500.886,00

-1.214.330,00

-1.663.410,00

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

0,00

-241,00

153.160,00

-140.714,00

65.986,00

5. Other operating income: 40500

182.263,00

179.660,00

50.914,00

256.250,00

556.422,00

a) Auxiliary income and other from current management: 40510

0,00

150,00

1.502,00

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

182.263,00

179.660,00

50.764,00

254.748,00

554.920,00

6. Personnel costs: 40600

-3.611.169,00

-3.570.277,00

-3.337.558,00

-3.503.863,00

-4.428.059,00

a) Wages, salaries et al.: 40610

-2.927.144,00

-2.885.980,00

-2.704.884,00

-2.845.732,00

-3.625.921,00

b) Social security costs: 40620

-684.025,00

-684.297,00

-632.674,00

-658.131,00

-802.138,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.460.280,00

-2.929.215,00

-2.940.676,00

-3.073.130,00

-2.110.764,00

a) External services: 40710

-2.441.091,00

-2.929.760,00

-2.926.347,00

-2.989.303,00

-1.923.040,00

b) Taxes: 40720

-19.189,00

-23.604,00

-14.329,00

-6.219,00

-10.151,00

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

0,00

24.149,00

0,00

-77.608,00

-177.573,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-1.848.833,00

-1.462.431,00

-926.799,00

-1.103.809,00

-1.082.503,00

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

50.831,00

37.290,00

38.864,00

46.425,00

54.098,00

10. Excess provisions : 41000

0,00

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

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-25.692,00

148.374,00

4.876,00

8.249,00

2.418,00

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

-1.880.241,00

-1.251.161,00

-48.658,00

-662.673,00

776.203,00

14. Financial income : 41400

74.128,00

76.211,00

26.242,00

7.839,00

59.697,00

a) Of shares in equity instruments : 41410

0,00

49,00

86,00

41,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

49,00

86,00

41,00

0,00

b) From negotiable securities and other financial instruments : 41420

71.048,00

76.162,00

26.156,00

7.798,00

59.697,00

b 1) From Group companies and associates : 41421

71.048,00

73.069,00

21.044,00

5.582,00

58.561,00

b 2) From third parties : 41422

0,00

3.093,00

5.112,00

2.216,00

1.136,00

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

3.080,00

0,00

15. Financial expenditure: 41500

-385.504,00

-527.822,00

-344.338,00

-344.470,00

-341.893,00

a) Amounts owed to Group companies and associates : 41510

0,00

-178.479,00

0,00

b) For debts with third parties : 41520

0,00

-349.343,00

-344.338,00

-344.470,00

-341.893,00

c) Stock renewal : 41530

-385.504,00

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

-123.034,00

177.641,00

60.575,00

63.236,00

262.875,00

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

-638.799,00

-1.434.410,00

410.629,00

-411.336,00

-355.973,00

a) Impairment and losses : 41810

-638.799,00

-1.231.960,00

410.629,00

-411.336,00

-355.973,00

b) Results for transfers and other : 41820

0,00

-202.450,00

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-1.073.209,00

-1.708.380,00

153.108,00

-684.731,00

-375.294,00

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

-2.953.450,00

-2.959.541,00

104.450,00

-1.347.404,00

400.909,00

20. Income taxes: 41900

41.050,00

8.426,00

43.301,00

0,00

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

-2.912.400,00

-2.951.115,00

147.751,00

-1.347.404,00

400.909,00

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

0,00

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

-2.912.400,00

-2.951.115,00

147.751,00

-1.347.404,00

400.909,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008 has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2012 2011 2010 2009 2008 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2012

2011

2010

2009

2008

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

1.931.482,00

0,00

B) FIXED ASSETS:

17.357.657,00

16.396.455,00

7.612.218,00

5.472.707,00

6.168.529,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

6.381.634,00

5.467.785,00

4.346.345,00

2.462.544,00

2.687.449,00

1. Research and development costs:

6.199.929,00

5.399.302,00

4.242.349,00

2.337.604,00

2.534.137,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

181.705,00

68.483,00

103.996,00

124.940,00

153.312,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

7.698.301,00

7.692.736,00

1.051.169,00

545.443,00

622.490,00

1. Land and construction:

0,00

2. Technical installations and machinery:

413.714,00

485.152,00

66.293,00

34.399,00

39.258,00

3. Other installations, tools and furniture:

5.113.298,00

5.996.239,00

819.352,00

425.155,00

485.211,00

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

1.138.314,00

0,00

5. Other tangible assets:

1.032.975,00

1.211.344,00

165.523,00

85.889,00

98.021,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

3.277.722,00

3.235.934,00

2.214.704,00

2.464.720,00

2.858.590,00

1. Equity investments in group companies:

652.846,00

583.920,00

1.314.529,00

1.075.525,00

1.085.528,00

2. Receivables from group companies:

2.582.906,00

2.610.044,00

855.405,00

1.343.813,00

1.748.944,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

29.305,00

28.405,00

481,00

6. Other receivables:

0,00

2.800,00

9.460,00

16.120,00

7. Long term guarantees and deposits:

12.665,00

7.517,00

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:

20.596.964,00

23.057.980,00

24.896.099,00

23.985.750,00

18.696.524,00

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

0,00

II. Stocks:

6.899.332,00

7.053.492,00

6.622.184,00

7.886.428,00

9.861.567,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

1.416.430,00

1.889.762,00

1.776.110,00

1.619.735,00

1.525.236,00

3. Goods in process and semifinished ones:

1.733.986,00

1.958.799,00

1.710.343,00

1.141.076,00

3.076.786,00

4. Finished products:

3.595.134,00

3.143.786,00

2.940.110,00

4.977.146,00

5.171.277,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

153.782,00

61.145,00

195.621,00

148.471,00

88.268,00

7. Provisions:

0,00

III. Debtors:

12.994.622,00

15.878.129,00

16.673.106,00

13.940.692,00

8.815.299,00

1. Trade debtors / accounts receivable:

3.563.677,00

6.636.499,00

9.057.981,00

7.471.261,00

3.462.418,00

2. Accounts receivable, Group companies:

9.058.651,00

8.554.793,00

7.045.909,00

6.246.224,00

4.617.252,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

34.969,00

5. Staff:

0,00

2.800,00

6.660,00

9.344,00

6. Public bodies:

372.294,00

684.037,00

562.556,00

216.547,00

691.316,00

7. Provisions:

0,00

IV. Short-term investments:

283.058,00

51.733,00

1.461.286,00

2.130.590,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

283.058,00

51.733,00

1.461.286,00

964.876,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

1.165.714,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

416.147,00

65.748,00

125.571,00

28.040,00

19.658,00

VII. Prepayments and accrued income:

3.805,00

8.878,00

13.952,00

0,00

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

39.886.103,00

41.385.917,00

32.508.317,00

29.458.457,00

24.865.053,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2012

2011

2010

2009

2008

A) EQUITY:

15.753.465,00

18.665.365,00

6.762.026,00

6.613.004,00

7.970.435,00

I. Subscribed capital:

20.514.589,00

9.055.994,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.102.391,00

1.101.891,00

-17.990,00

-19.261,00

-9.234,00

1. Legal reserve:

1.087.003,00

14.160,00

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:

-145.094,00

145.897,00

198.807,00

103.143,00

33.128,00

Differences due to capital adjustement to euros:

160.482,00

-131.010,00

-230.957,00

-136.565,00

-56.522,00

V. Profit or loss brought forward:

-2.951.115,00

0,00

-2.423.729,00

-1.076.325,00

-1.477.234,00

1. Retained earnings:

0,00

2. Prior year losses:

-2.951.115,00

0,00

-2.423.729,00

-1.076.325,00

-1.477.234,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-2.912.400,00

-2.951.115,00

147.751,00

-1.347.404,00

400.909,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

78.458,00

77.291,00

56.868,00

53.901,00

77.300,00

1. Capital grants:

78.458,00

77.291,00

56.868,00

53.901,00

77.300,00

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:

13.564.008,00

8.337.962,00

6.354.441,00

6.889.477,00

6.500.315,00

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:

796.306,00

380.954,00

849.934,00

1.349.979,00

1.250.000,00

1. Loans and other liabilities:

422.016,00

0,00

849.934,00

1.349.979,00

1.250.000,00

2. Long-term liabilities from capital leases:

374.290,00

380.954,00

0,00

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

0,00

7.689.720,00

5.189.720,00

5.207.371,00

1. Amounts owed to group companies:

0,00

7.689.720,00

5.189.720,00

5.207.371,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

12.767.702,00

267.288,00

314.787,00

349.778,00

42.944,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

12.724.115,00

224.348,00

283.194,00

319.833,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

43.587,00

42.940,00

31.593,00

29.945,00

42.944,00

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:

10.490.172,00

14.305.299,00

19.334.982,00

15.902.075,00

10.317.003,00

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:

6.154.199,00

9.887.730,00

8.036.779,00

9.629.089,00

5.777.093,00

1. Loans and other liabilities:

6.105.169,00

9.862.702,00

8.036.779,00

9.629.089,00

5.777.093,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

49.030,00

25.028,00

0,00

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

1.259.047,00

439.246,00

6.946.381,00

202.481,00

314.357,00

1. Amounts owed to group companies:

1.259.047,00

439.246,00

6.946.381,00

202.481,00

314.357,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

2.653.291,00

3.632.234,00

4.066.499,00

5.459.274,00

3.868.626,00

1. Advanced payments from customers:

396.335,00

534.335,00

510.907,00

306.491,00

310.209,00

2. Amounts owed for purchases of goods or services:

2.256.956,00

3.097.899,00

3.555.592,00

5.152.783,00

3.558.417,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

423.635,00

346.089,00

285.323,00

611.231,00

356.927,00

1. Public bodies:

148.330,00

153.984,00

132.517,00

502.157,00

205.918,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

127.493,00

54.886,00

36.639,00

0,00

4. Wages and salaries payable:

147.812,00

137.219,00

116.167,00

109.074,00

151.009,00

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):

39.886.103,00

41.385.917,00

32.508.317,00

29.458.457,00

24.865.053,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2012

2011

2010

2009

2008

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

17.265.007,00

20.096.813,00

18.756.629,00

22.531.888,00

28.719.594,00

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

0,00

1.492.114,00

2.108.204,00

0,00

A.2. Supplies:

8.212.746,00

10.180.843,00

10.322.234,00

11.846.362,00

20.466.388,00

a) Stock consumption:

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

7.501.353,00

9.344.490,00

9.821.348,00

10.632.032,00

18.802.978,00

c) Miscellaneous external expenditure:

711.393,00

836.353,00

500.886,00

1.214.330,00

1.663.410,00

A.3. Staff costs:

3.611.169,00

3.570.277,00

3.337.558,00

3.503.863,00

4.428.059,00

a) Wages, salaries et al.:

2.927.144,00

2.885.980,00

2.704.884,00

2.845.732,00

3.625.921,00

b) Social security costs:

684.025,00

684.297,00

632.674,00

658.131,00

802.138,00

A.4. Depreciation expense:

1.848.833,00

1.462.431,00

926.799,00

1.103.809,00

1.082.503,00

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

0,00

-23.908,00

-153.160,00

218.322,00

111.587,00

a) Stock provision variation:

0,00

241,00

-153.160,00

140.714,00

-65.986,00

b) Variation in provision and bad debt losses:

0,00

77.608,00

177.573,00

c) Variation of other trade provisions:

0,00

-24.149,00

0,00

A.6. Other operating charges:

2.460.280,00

2.953.364,00

2.940.676,00

2.995.522,00

1.933.191,00

a) External services:

2.441.091,00

2.929.760,00

2.926.347,00

2.989.303,00

1.923.040,00

b) Taxes:

19.189,00

23.604,00

14.329,00

6.219,00

10.151,00

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):

0,00

719.687,00

A.7. Financial and similar charges:

475.663,00

730.272,00

344.338,00

344.470,00

341.893,00

a) Due to liabilities with companies of the group:

0,00

178.479,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

385.504,00

349.343,00

344.338,00

344.470,00

341.893,00

d) Losses from financial investments:

90.159,00

202.450,00

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

123.034,00

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

700.366,00

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

548.640,00

1.231.960,00

-410.629,00

411.336,00

355.973,00

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:

25.692,00

0,00

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

0,00

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

0,00

454.369,00

0,00

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

0,00

104.450,00

0,00

400.909,00

A.15. Corporation tax:

-41.050,00

-8.426,00

-43.301,00

0,00

A.16. Miscellaneous taxes:

0,00

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

0,00

147.751,00

0,00

400.909,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2012

2011

2010

2009

2008

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

14.352.607,00

17.145.698,00

18.904.380,00

21.184.484,00

29.120.503,00

B.1. Net total sales:

13.631.803,00

15.789.784,00

18.722.909,00

20.603.685,00

22.140.657,00

a) Sales:

12.710.195,00

14.884.002,00

17.991.777,00

18.681.394,00

21.394.276,00

b) Rendering of services:

921.608,00

905.782,00

731.132,00

1.922.291,00

746.381,00

Returns and Rappel on sales:

0,00

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

413.582,00

452.132,00

0,00

5.448.841,00

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

0,00

284.606,00

0,00

198.800,00

595.495,00

B.4. Miscellaneous operating income:

182.263,00

179.660,00

50.914,00

256.250,00

556.422,00

a) Auxiliary income and other from current management:

0,00

150,00

1.502,00

b) Grants:

182.263,00

179.660,00

50.764,00

254.748,00

554.920,00

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):

1.905.380,00

1.436.825,00

92.398,00

717.347,00

0,00

B.5. Income from equity investment:

0,00

49,00

86,00

41,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

49,00

86,00

41,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

71.048,00

76.162,00

26.156,00

7.798,00

59.697,00

a) From companies of the group:

71.048,00

73.069,00

21.044,00

5.582,00

58.561,00

b) From associated companies:

0,00

c) Miscellaneous interests:

0,00

3.093,00

5.112,00

2.216,00

1.136,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

177.641,00

60.575,00

63.236,00

262.875,00

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

527.649,00

476.420,00

257.521,00

273.395,00

19.321,00

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

2.433.029,00

1.913.245,00

349.919,00

990.742,00

0,00

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

0,00

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

0,00

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

53.911,00

37.290,00

38.864,00

46.425,00

54.098,00

B.12. Extraordinary income:

0,00

148.374,00

4.876,00

8.249,00

2.418,00

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):

520.421,00

1.046.296,00

0,00

356.662,00

299.457,00

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

2.953.450,00

2.959.541,00

0,00

1.347.404,00

0,00

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

2.912.400,00

2.951.115,00

0,00

1.347.404,00

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.

1. Fiscal year result before taxes.: 61100

-2.953.450,00

-2.959.541,00

104.450,00

-1.347.404,00

400.909,00

2. Results adjustments.: 61200

2.871.211,00

3.109.662,00

581.753,00

1.960.478,00

1.515.286,00

a) Fixed Assets Amortization (+).: 61201

1.848.833,00

1.462.431,00

926.799,00

1.103.809,00

1.082.503,00

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

638.799,00

1.208.052,00

-563.789,00

629.658,00

467.560,00

d) Allocation of grants (-).: 61204

-50.831,00

-37.290,00

-38.864,00

-46.425,00

-54.098,00

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

0,00

202.450,00

0,00

g) Financial income (-).: 61207

-74.128,00

-76.162,00

-26.156,00

-7.798,00

-59.697,00

h) Financial Expenses (+). : 61208

385.504,00

527.822,00

344.338,00

344.470,00

341.893,00

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

123.034,00

-177.641,00

-60.575,00

-63.236,00

-262.875,00

3. Changes in current capital equity.: 61300

274.204,00

1.716.695,00

-1.741.966,00

-2.123.008,00

-1.820.839,00

a) Stock (+/-).: 61301

-32.887,00

-431.549,00

1.417.404,00

1.834.425,00

-4.749.329,00

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

456.221,00

2.250.660,00

-2.746.535,00

-4.524.795,00

3.380.955,00

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

5.073,00

5.074,00

1.151.762,00

-1.165.714,00

0,00

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

-154.203,00

-107.490,00

-1.564.597,00

1.733.076,00

-452.465,00

4. Other cash flows for operating activities.: 61400

-355.466,00

-315.748,00

-310.681,00

-303.380,00

-176.508,00

a) Interest payments (-). : 61401

-397.520,00

-373.452,00

-336.568,00

-374.414,00

-363.048,00

c) Interest collection (+). : 61403

74.128,00

76.162,00

26.156,00

7.798,00

59.697,00

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

-32.074,00

-148,00

-269,00

0,00

205,00

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

0,00

-18.310,00

0,00

63.236,00

126.638,00

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

-163.501,00

1.551.068,00

-1.366.444,00

-1.813.314,00

-81.152,00

6. Payments for investment (-).: 62100

-3.474.914,00

-3.713.502,00

-3.971.721,00

-3.546.150,00

-2.548.966,00

a) Companies of the group and affiliates. : 62101

-944.956,00

-1.068.258,00

-647.681,00

-2.642.630,00

-1.476.497,00

b) Intangible fixed assets. : 62102

-2.466.177,00

-2.364.532,00

-2.697.149,00

-725.440,00

-664.732,00

c) Fixed assets. : 62103

-63.781,00

-280.712,00

-619.177,00

-150.156,00

-382.487,00

e) Other financial assets. : 62105

0,00

-27.924,00

-25.250,00

h) Other assets. : 62108

0,00

-7.714,00

0,00

7. Divestment payment collection (+). : 62200

108.413,00

73.903,00

819.630,00

1.764.635,00

9.344,00

a) Companies of the group and affiliates. : 62201

108.413,00

71.103,00

811.304,00

1.755.291,00

0,00

e) Other financial assets. : 62205

0,00

2.800,00

8.326,00

9.344,00

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

-3.366.501,00

-3.639.599,00

-3.152.091,00

-1.781.515,00

-2.539.622,00

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

53.145,00

77.813,00

44.750,00

0,00

5.393.399,00

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

0,00

6.189.632,00

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

53.145,00

77.813,00

44.750,00

0,00

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

3.827.256,00

1.950.895,00

4.571.316,00

3.603.211,00

-2.815.865,00

a) Issuance : 63201

7.892.342,00

2.500.000,00

6.613.750,00

3.620.862,00

-2.815.865,00

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

2.954.802,00

0,00

3.301.029,00

-2.773.865,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

2.500.000,00

6.613.750,00

319.833,00

-42.000,00

4. Special characteristic debts (+). : 63205

4.750.000,00

0,00

5. Other debts (+). : 63206

187.540,00

0,00

b) Repayment and amortization of : 63207

-4.065.086,00

-549.105,00

-2.042.434,00

-17.651,00

0,00

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

-3.976.297,00

-508.506,00

-2.042.434,00

0,00

5. Other debts (-). : 63212

-88.789,00

-40.599,00

0,00

-17.651,00

0,00

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

0,00

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

3.880.401,00

2.028.708,00

4.616.066,00

3.603.211,00

2.577.534,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

350.399,00

-59.823,00

97.531,00

8.382,00

-43.240,00

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

65.748,00

125.571,00

28.040,00

19.658,00

62.898,00

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

416.147,00

65.748,00

125.571,00

28.040,00

19.658,00

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

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,03 %

-1,73 %

0,00 %

EBITDA over Sales:

-0,41 %

9,23 %

0,16 %

10,07 %

-355,79 %

-8,40 %

Cash Flow Yield:

0,01 %

-0,83 %

0,00 %

Profitability

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-5,39 %

5,22 %

-3,87 %

6,90 %

-39,34 %

-24,45 %

Total economic profitability:

-6,77 %

2,49 %

-6,16 %

4,13 %

-9,78 %

-39,63 %

Financial profitability:

-21,12 %

1,32 %

-17,67 %

5,86 %

-19,53 %

-77,51 %

Margin:

-13,43 %

4,84 %

-8,61 %

6,36 %

-55,92 %

-23,83 %

Mark-up:

-21,19 %

1,59 %

-19,12 %

4,72 %

-10,84 %

-66,29 %

Solvency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,12

0,00

0,11

8,79

Acid Test:

1,31

0,85

1,12

0,83

16,75

2,08

Working Capital / Investment:

0,27

0,03

0,22

0,03

20,03

1,90

Solvency:

1,96

1,17

1,61

1,17

21,81

0,68

Indebtedness

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,73

1,63

1,35

1,67

28,48

-2,06

Borrowing Composition:

1,29

1,02

0,58

1,05

121,84

-2,81

Repayment Ability:

68,65

-0,74

-378,50

878,41

118,14

-100,08

Warranty:

1,58

1,62

1,74

1,61

-9,44

0,80

Generated resources / Total creditors:

-0,02

0,07

0,00

0,07

-4,22

Efficiency

2012

2011

Variación 2012 - 2011

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

0,98

1,72

1,01

1,75

-2,27

-1,45

Turnover of Collection Rights :

1,06

4,79

1,02

4,45

3,85

7,59

Turnover of Payment Entitlements:

2,63

3,52

3,11

3,26

-15,26

7,98

Stock rotation:

2,28

6,51

2,51

6,00

-9,16

8,42

Assets turnover:

0,40

1,08

0,45

1,09

-10,63

-0,81

Borrowing Cost:

1,60

2,95

2,33

2,92

-31,25

1,18

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow

2012

2011

2010

2009

2008

Cash Flow over Sales:

0,03 %

0,00 %

0,01 %

0,04 %

-0,20 %

EBITDA over Sales:

-0,41 %

0,16 %

4,46 %

1,88 %

8,14 %

Cash Flow Yield:

0,01 %

0,00 %

0,03 %

-0,17 %

Profitability

2012

2011

2010

2009

2008

Operating economic profitability:

-5,39 %

-3,87 %

-0,19 %

-2,70 %

3,52 %

Total economic profitability:

-6,77 %

-6,16 %

1,38 %

-3,40 %

2,99 %

Financial profitability:

-21,12 %

-17,67 %

2,19 %

-20,45 %

5,05 %

Margin:

-13,43 %

-8,61 %

-0,29 %

-3,19 %

3,32 %

Mark-up:

-21,19 %

-19,12 %

0,53 %

-6,44 %

-1,62 %

Solvency

2012

2011

2010

2009

2008

Liquidity:

0,04

0,00

0,01

0,00

Acid Test:

1,31

1,12

0,94

1,01

0,86

Working Capital / Investment:

0,27

0,22

0,17

0,27

0,34

Solvency:

1,96

1,61

1,29

1,51

1,81

Indebtedness

2012

2011

2010

2009

2008

Indebtedness level:

1,73

1,35

3,77

3,42

2,09

Borrowing Composition:

1,29

0,58

0,33

0,43

0,63

Repayment Ability:

68,65

-378,50

263,40

37,18

10,23

Warranty:

1,58

1,74

1,27

1,29

1,48

Generated resources / Total creditors:

-0,02

0,00

0,02

0,01

0,11

Efficiency

2012

2011

2010

2009

2008

Productivity:

0,98

1,01

1,25

1,11

1,41

Turnover of Collection Rights :

1,06

1,02

1,13

1,51

2,64

Turnover of Payment Entitlements:

2,63

3,11

2,50

2,06

6,16

Stock rotation:

2,28

2,51

2,85

2,76

2,29

Assets turnover:

0,40

0,45

0,65

0,85

1,06

Borrowing Cost:

1,60

2,33

1,34

1,51

2,03

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

El Correo Digital

25/04/2014

El grupo alavés Zigor sale del preconcurso de acreedores y afronta el futuro con optimismo

Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

36.597,00

Notes

El importe reflejado corresponde al imputado a resultados en este ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

81.240,00

Notes

El importe es el total al cierre del ejercicio

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

gastos de I+D

Amount Granted

30.310,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

14.454,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

30.310,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

27.981,00

Notes

El importe reflejado corresponde al imputado a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

14.454,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

254.748,00

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.15
UK Pound	1	Rs.94.72
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	DIV

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

Enquiry Details

Chronological Summary

Main Historic Changes

Breakdown of Owners' Equity

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Link List

Turnover

Estimated Balance

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