MIRA INFORM REPORT

Report No. :	309181
Report Date :	26.02.2015

IDENTIFICATION DETAILS

Name :	KERAJET SA

Registered Office :	Av/ Del Boverot, 24. (P. I. Supoi 8) - Almazora/Almassora - 12550 - Castellon

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	07.10.1999

Legal Form :	Public Company

Line of Business :	Manufacture of Other Special Purpose Machinery.

No. of Employees :	143

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – 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:

KERAJET SA

NIF / Fiscal code:

A12514998

Status:

ACTIVE

Incorporation Date:

07/10/1999

Last Publication in BORME:

18/12/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

75.250

Localization:

Av/ Del Boverot, 24. (P. I. Supoi 8) - Almazora/Almassora - 12550 - Castellon

Telephone - Fax - Email - Website:

Ph.:. 964 500 018 Email. kerajet@kerajet.com Website. www.keraje.com

Activity:

NACE:

2899 - Manufacture of other special-purpose machinery n.e.c.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

14 for a total cost of 294014.33

Quality Certificate:

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

ENGINYERIA PC SL

64.01 %

FERRO CORPORATION (ESTADOS UNIDOS)

19.99 %

Identification

Social Denomination:

KERAJET SA

NIF / Fiscal code:

A12514998

Corporate Status:

ACTIVE

Start of activity:

2000

Registered Office:

AV/ DEL BOVEROT, 24. (P. I. SUPOI 8)

Locality:

ALMAZORA/ALMASSORA

Province:

CASTELLON

Postal Code:

12550

Telephone:

964 500 018

Fax:

964 524 109

Website:

www.keraje.com

Email:

kerajet@kerajet.com

Interviewed Person:

This information was obtained through indirect sources due to, the refusal by the responsible members of society to provide any collaboration for the preparation of this document

Activity

NACE:

2899

Additional Information:

Manufacture of ceramic digital printing machinery.

Franchise:

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

143

Chronological Summary

Year

Act

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Company Formation (1) Other Concepts/ Events (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Dividends Payment (1) Increase of Capital (1) Other Concepts/ Events (2) Statutory Modifications (2)

2003

Accounts deposit (ejer. 2001, 2002)

2004

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (ejer. 2003, 2004) Capital Reduction (1)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007)

2009

Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (3) Statutory Modifications (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

2012

Accounts deposit (ejer. 2011)

2014

Accounts deposit (ejer. 2012, 2013) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

75.250

Paid up capital:

75.250

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1074

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

13/03/2000

Company Formation

60.200

15.050

60.200

15.050

19/04/2001

Capital call payment

---

45.150

60.200

20/07/2001

Increase of Capital

20.070

80.270

28/11/2006

Capital Reduction

-5.020

75.250

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

TOMAS CLARAMONTE JOSE VICENTE

08/01/2014

MEMBER OF THE BOARD

GARCIA SAINZ JULIO

08/01/2014

TOMAS CLARAMONTE JOSE VICENTE

18/04/2011

PROXY

BORT POVEDA YOLANDA

09/01/2001

CHIEF EXECUTIVE OFFICER

TOMAS CLARAMONTE JOSE VICENTE

08/01/2014

SECRETARY

VICENT ABELLA RAFAEL

08/01/2014

ACCOUNTS' AUDITOR / HOLDER

J. PEREPEREZ AUDITORES SL

05/12/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARANZABAL RODRIGUEZ GONZALO

SECRETARY

30/10/2006

FELIP BARDOLL FRANCISCO JAVIER

ACCOUNTS' AUDITOR / HOLDER

17/08/2010

GASCO ARCAS PEDRO

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

16/01/2010

HAUSDORFF FURTENHEIM PEDRO JUAN

MEMBER OF THE BOARD

26/01/2010

MEMBER OF THE BOARD

18/04/2011

MEMBER OF THE BOARD

08/01/2014

J. PEREPEREZ AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

31/01/2014

ACCOUNTS' AUDITOR / HOLDER

05/12/2014

LOPEZ VEGA MARINO

MEMBER OF THE BOARD

09/06/2004

SANCHEZ MARTINEZ JOSE

DEPUTY ACCOUNTS' AUDITOR

17/08/2010

TOMAS CLARAMONTE JOSE VICENTE

SINGLE ADMINISTRATOR

20/07/2001

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

18/04/2011

CHIEF EXECUTIVE OFFICER

30/10/2006

CHIEF EXECUTIVE OFFICER

18/04/2011

CHIEF EXECUTIVE OFFICER

08/01/2014

PRESIDENT

30/10/2006

PRESIDENT

18/04/2011

PRESIDENT

08/01/2014

SINGLE PARTNER

19/04/2001

VICENT ABELLA RAFAEL

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

30/10/2006

MEMBER OF THE BOARD

18/04/2011

MEMBER OF THE BOARD

08/01/2014

SECRETARY

18/04/2011

SECRETARY

08/01/2014

Executive board

Post

NIF

Name

ADMINISTRATOR

JOSE VICENTE TOMAS CLARAMONTE

MANAGING DIRECTOR

JOSE VICENTE TOMAS

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

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

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

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

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

Probability of default

> Estimated Probability of Default for the next 12 months: 0.245 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

289 Manufacture of other special-purpose machinery

Relative Position:

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

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

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

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.245%.

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.

Recommended commercial credit

Favourable until 4.040.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

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

Link List

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ENGINYERIA PC SL

CASTELLON

64.01

FERRO CORPORATION (ESTADOS UNIDOS)

19.99

PARTICIPATES IN

KERAJET DO BRASIL (BRASIL)

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

KERAJET ITALIA, S.L.

Turnover

Total Sales 2013

53.612.413,40

Estimated Balance

ESTIMATED FIGURES FINANCIAL YEAR 2014 -NOT CURRENT ASSETS.....................................................13.500.000 Euro/s -CURRENT ASSETS...........................................................44.000.000 Euro/s -NET WORTH.............................................................29.500.000 Euro/s -NOT CURRENT LIABILITIES.......................................................8.300.000 Euro/s -CURRENT LIABILITIES...........................................................19.700.000 Euro/s -TOTAL ASSETS AND LIABILITIES................................................57.500.000 Euro/s -SALES (2.014).................................................................60.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

December 2014

2012

Normales

February 2014

2011

Normales

December 2012

2010

Normales

September 2011

2009

Normales

November 2010

2008

Normales

February 2010

2007

Normales

August 2008

2006

Normales

August 2007

2005

Normales

November 2006

2004

Normales

September 2005

2003

Normales

December 2004

2002

Normales

July 2003

2001

Normales

December 2002

2000

Normales

September 2001

1999

Normales

July 2000

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

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

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

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

12.104.745,00

11.872.518,00

10.459.734,00

6.910.103,00

4.764.153,00

I. Intangible fixed assets : 11100

8.753,00

16.598,00

7.043,00

22.161,00

46.075,00

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

8.753,00

16.598,00

7.043,00

22.161,00

37.075,00

6. Investigation: 11160

0,00

9.000,00

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

11.981.518,00

11.223.469,00

10.426.349,00

6.861.599,00

4.680.973,00

1. Land and buildings: 11210

8.761.725,00

8.911.700,00

8.080.102,00

5.182.217,00

3.067.672,00

2. Technical installations and other tangible fixed assets: 11220

2.410.875,00

2.311.769,00

2.333.647,00

1.679.383,00

1.331.189,00

3. Tangible asset in progress and advances: 11230

808.919,00

0,00

12.600,00

0,00

282.112,00

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

60.041,00

0,00

1. Equity instruments: 11410

60.041,00

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

35.201,00

26.951,00

24.233,00

34.996,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

8.250,00

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

26.951,00

24.233,00

34.996,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

19.231,00

605.501,00

2.109,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

39.432.961,00

32.110.393,00

26.501.195,00

17.113.952,00

8.982.794,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

1.484.290,00

1.263.183,00

3.137.795,00

2.185.023,00

532.068,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

946.016,00

870.215,00

2.490.473,00

63.316,00

150.210,00

3. Work in progress: 12230

425.385,00

376.914,00

611.240,00

397.096,00

370.502,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

425.385,00

376.914,00

611.240,00

397.096,00

370.502,00

4. Finished goods: 12240

0,00

1.722.038,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

1.722.038,00

0,00

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

0,00

6. Advances to suppliers: 12260

112.889,00

16.054,00

36.082,00

2.573,00

11.355,00

III. Trade debtors and others receivable accounts: 12300

22.599.841,00

24.845.223,00

17.226.868,00

12.161.013,00

6.475.170,00

1. Trade debtors / accounts receivable: 12310

21.540.776,00

23.439.214,00

15.955.927,00

11.973.251,00

6.116.871,00

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

0,00

b) Customers for sales and provisions of services : 12312

21.540.776,00

23.439.214,00

15.955.927,00

11.973.251,00

6.116.871,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

0,00

16.278,00

0,00

4. Personnel: 12340

3.000,00

353,00

0,00

5. Assets for deferred tax: 12350

222.014,00

0,00

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

834.051,00

1.167.364,00

1.254.663,00

187.761,00

358.299,00

7. Called up share capital: 12370

0,00

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

0,00

5.683,00

3.312,00

1.517,00

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

5.683,00

3.312,00

1.517,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

291.478,00

1.890,00

1.817,00

1.730,00

3.924,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

288.000,00

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

3.478,00

1.890,00

1.817,00

1.730,00

3.924,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

15.057.352,00

6.000.097,00

6.129.033,00

2.762.874,00

1.970.115,00

1. Treasury: 12710

15.057.352,00

6.000.097,00

6.129.033,00

2.762.874,00

1.970.115,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

51.537.706,00

43.982.912,00

36.960.930,00

24.024.055,00

13.746.947,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

26.497.230,00

23.134.226,00

19.088.552,00

12.261.523,00

8.239.201,00

A-1) Shareholders' equity: 21000

26.491.104,00

23.124.932,00

19.075.951,00

12.245.907,00

8.220.138,00

I. Capital: 21100

75.250,00

1. Registered capital : 21110

75.250,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

830.880,00

III. Reserves: 21300

21.918.801,00

17.869.820,00

11.269.777,00

7.245.367,00

5.941.195,00

1. Legal y estatutarias: 21310

15.050,00

2. Other reserves: 21320

21.903.751,00

17.854.770,00

11.254.727,00

7.230.317,00

5.926.145,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

3.666.172,00

4.348.981,00

6.900.043,00

4.094.410,00

1.372.812,00

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

6.126,00

9.294,00

12.601,00

15.615,00

19.063,00

B) NON-CURRENT LIABILITIES: 31000

7.420.334,00

5.225.875,00

5.742.109,00

4.278.220,00

2.350.711,00

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

5.728.702,00

3.397.182,00

3.853.820,00

3.023.085,00

1.871.668,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

4.014.092,00

1.821.521,00

2.302.320,00

2.067.949,00

904.166,00

3. Creditors from financial leasing: 31230

258.260,00

24.161,00

0,00

3.636,00

16.002,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.456.350,00

1.551.500,00

951.500,00

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

0,00

IV. Liabilities for deferred tax: 31400

1.691.633,00

1.828.692,00

1.888.289,00

1.255.135,00

479.043,00

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

17.620.141,00

15.622.811,00

12.130.269,00

7.484.313,00

3.157.035,00

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

11.459.746,00

6.880.949,00

5.380.286,00

2.950.195,00

2.164.161,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

10.553.273,00

5.924.312,00

3.479.808,00

2.136.352,00

196.750,00

3. Creditors from financial leasing: 32330

104.870,00

14.736,00

3.640,00

12.361,00

21.193,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

801.604,00

941.902,00

1.896.838,00

801.481,00

1.946.218,00

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

0,00

V. Trade creditors and other accounts payable: 32500

6.160.395,00

8.741.862,00

6.749.983,00

4.534.118,00

992.874,00

1. Suppliers: 32510

4.197.942,00

7.056.101,00

5.156.295,00

3.502.618,00

646.402,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

4.197.942,00

7.056.101,00

5.156.295,00

3.502.618,00

646.402,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

112.324,00

249.429,00

369.022,00

151.128,00

92.759,00

4. Personnel (remuneration due): 32540

0,00

5. Liabilities for current tax: 32550

979.718,00

445.160,00

646.317,00

761.285,00

1.566,00

6. Other accounts payable to Public Administrations.: 32560

475.168,00

933.826,00

96.751,00

80.469,00

83.749,00

7. Advances from clients: 32570

395.244,00

57.347,00

481.597,00

38.618,00

168.398,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

51.537.706,00

43.982.912,00

36.960.930,00

24.024.055,00

13.746.947,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

53.612.413,00

44.409.913,00

37.633.415,00

21.513.141,00

9.568.041,00

a) Sales: 40110

53.408.313,00

44.302.896,00

0,00

b) Rendering of services: 40120

204.101,00

107.017,00

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

48.471,00

-234.326,00

-1.507.895,00

1.748.632,00

-334.013,00

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

1.800,00

0,00

4. Supplies : 40400

-40.154.363,00

-33.238.675,00

-21.693.628,00

-12.992.406,00

-4.417.524,00

a) Stock consumption: 40410

-33.518.362,00

-27.937.386,00

0,00

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

-3.429.849,00

-1.797.199,00

0,00

c) Works carried out by other companies: 40430

-3.206.153,00

-3.504.090,00

0,00

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

0,00

5. Other operating income: 40500

1.343.706,00

934.069,00

418.087,00

279.288,00

6.524,00

a) Auxiliary income and other from current management: 40510

1.256.592,00

901.131,00

0,00

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

87.114,00

32.938,00

0,00

6. Personnel costs: 40600

-5.192.081,00

-3.299.462,00

-2.465.919,00

-2.095.924,00

-1.400.485,00

a) Wages, salaries et al.: 40610

-4.055.736,00

-2.575.060,00

0,00

b) Social security costs: 40620

-1.136.345,00

-724.402,00

0,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.898.821,00

-2.504.067,00

-2.056.193,00

-1.970.765,00

-1.205.123,00

a) External services: 40710

-2.502.310,00

-2.307.111,00

0,00

b) Taxes: 40720

-85.096,00

-76.990,00

0,00

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

-174.334,00

-114.955,00

0,00

d) Other current management expenditure : 40740

-137.081,00

-5.012,00

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-670.545,00

-715.222,00

-585.731,00

-412.427,00

-216.720,00

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

3.168,00

3.307,00

0,00

3.448,00

62.660,00

10. Excess provisions : 41000

0,00

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

1.079,00

0,00

-25.834,00

0,00

a) Impairment and losses : 41110

-161,00

0,00

b) Results for transfers and other : 41120

1.240,00

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-185.488,00

-60,00

-121,00

1.536,00

-78,00

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

5.909.339,00

5.355.478,00

9.742.014,00

6.048.688,00

2.063.283,00

14. Financial income : 41400

75.851,00

323,00

56.649,00

58,00

3.846,00

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

75.851,00

323,00

0,00

b 1) From Group companies and associates : 41421

0,00

b 2) From third parties : 41422

75.851,00

323,00

0,00

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

0,00

15. Financial expenditure: 41500

-593.238,00

-179.825,00

-147.809,00

-69.473,00

-80.913,00

a) Amounts owed to Group companies and associates : 41510

0,00

-143.615,00

0,00

b) For debts with third parties : 41520

-593.238,00

-36.211,00

0,00

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

-149.465,00

-299.806,00

-169.447,00

-137.288,00

-26.520,00

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

-666.852,00

-479.308,00

-260.607,00

-206.703,00

-103.587,00

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

5.242.487,00

4.876.170,00

9.481.408,00

5.841.985,00

1.959.696,00

20. Income taxes: 41900

-1.576.315,00

-527.189,00

-2.581.364,00

-1.747.575,00

-586.884,00

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

3.666.172,00

4.348.981,00

0,00

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

0,00

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

3.666.172,00

4.348.981,00

6.900.043,00

4.094.410,00

1.372.812,00

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

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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

12.085.513,00

11.267.018,00

10.457.625,00

6.907.994,00

4.762.044,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

8.753,00

16.598,00

7.043,00

22.161,00

46.075,00

III. Tangible fixed assets:

11.981.518,00

11.223.469,00

10.426.349,00

6.861.599,00

4.680.973,00

IV. Financial investments:

95.242,00

26.951,00

24.233,00

34.996,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

39.452.192,00

32.715.894,00

26.503.304,00

17.116.061,00

8.984.903,00

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

0,00

II. Stocks:

1.484.290,00

1.263.183,00

3.137.795,00

2.185.023,00

532.068,00

III. Debtors:

22.619.072,00

25.450.724,00

17.228.977,00

12.163.122,00

6.477.279,00

IV. Short-term investments:

291.478,00

1.890,00

7.500,00

5.042,00

5.441,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

15.057.352,00

6.000.097,00

6.129.033,00

2.762.874,00

1.970.115,00

VII. Prepayments and accrued income:

0,00

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

51.537.706,00

43.982.912,00

36.960.930,00

24.024.055,00

13.746.947,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

26.491.104,00

23.124.932,00

19.075.951,00

12.245.907,00

8.220.138,00

I. Subscribed capital:

75.250,00

II. Share premium:

830.880,00

III. Revaluation reserves:

0,00

IV. Reserves:

21.918.801,00

17.869.820,00

11.269.777,00

7.245.367,00

5.941.195,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

21.918.801,00

17.869.820,00

11.269.777,00

7.245.367,00

5.941.195,00

V. Profit or loss brought forward:

0,00

VI. Profit or loss for the financial year:

3.666.172,00

4.348.981,00

6.900.043,00

4.094.410,00

1.372.812,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

6.126,00

9.294,00

12.601,00

15.615,00

19.063,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

7.420.334,00

5.225.875,00

5.742.109,00

4.278.220,00

2.350.711,00

E) SHORT TERM CREDITORS:

17.620.141,00

15.622.811,00

12.130.269,00

7.484.313,00

3.157.035,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

51.537.706,00

43.982.912,00

36.960.930,00

24.024.055,00

13.746.947,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

51.371.845,00

40.998.632,00

31.208.108,00

17.703.060,00

8.268.259,00

A.1. Operating consumption:

40.105.892,00

33.473.001,00

23.201.523,00

11.243.774,00

4.751.537,00

A.2. Staff Costs:

5.192.081,00

3.299.462,00

2.465.919,00

2.095.924,00

1.400.485,00

a) Wages, salaries et al.:

4.055.736,00

2.575.060,00

1.963.852,00

1.669.189,00

1.115.343,00

b) Social security costs:

1.136.345,00

724.402,00

502.067,00

426.735,00

285.142,00

A.3. Depreciation expense:

670.545,00

715.222,00

585.731,00

412.427,00

216.720,00

A.4. Variation of trade provisions and losses of unrecovered receivables:

0,00

A.5. Other operating charges:

2.898.821,00

2.504.067,00

2.056.193,00

1.970.765,00

1.205.123,00

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

6.090.581,00

5.352.231,00

9.742.135,00

6.069.538,00

2.000.700,00

A.6. Financial and similar charges:

593.238,00

179.825,00

147.809,00

69.473,00

80.913,00

a) Due to liabilities with companies of the group:

0,00

143.615,00

140.797,00

66.177,00

77.075,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

593.238,00

36.211,00

7.012,00

3.296,00

3.839,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

149.465,00

299.806,00

169.447,00

137.288,00

26.520,00

A.II. POSITIVE FINANCIAL RESULTS (B.2+B.3-A.6-A.7-A.8):

0,00

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

5.423.728,00

4.872.923,00

9.481.528,00

5.862.835,00

1.897.113,00

A.9. Changes in provisions for intangible, tangible and securities portfolio:

0,00

A.10. Losses from tangible and intangible fixed assets and portfolio:

0,00

25.834,00

0,00

A.11. Losses from transactions with own shares and debentures:

0,00

A.12. Extraordinary expenses:

185.488,00

60,00

121,00

0,00

78,00

A.13. Prior year expenses and losses:

0,00

A.IV. EXTRAORDINARY PROFIT (B.4+B.5+B.6+B.7+B.8-A.9-A.10-A.11-A.12-A.13):

0,00

3.248,00

0,00

62.582,00

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

5.242.647,00

4.876.170,00

9.481.408,00

5.841.985,00

1.959.696,00

A.14. Corporation Tax:

1.576.315,00

527.189,00

2.581.364,00

1.747.575,00

586.884,00

A.15. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULT (PROFIT) (A.V-A.14-A.15):

3.666.333,00

4.348.981,00

6.900.043,00

4.094.410,00

1.372.812,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

B) INCOME ( B.1 to B.8):

55.038.177,00

45.347.613,00

38.108.151,00

21.797.470,00

9.641.071,00

B.1. Operating income:

54.957.919,00

45.343.982,00

38.051.502,00

21.792.428,00

9.574.564,00

a) Net total sales:

53.612.413,00

44.409.913,00

37.633.415,00

21.513.141,00

9.568.041,00

b) Miscellaneous operating income:

1.345.506,00

934.069,00

418.087,00

279.288,00

6.524,00

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

0,00

B.2. Financial income:

75.851,00

323,00

56.649,00

58,00

3.846,00

a) Companies of the group:

0,00

701,00

1,00

48,00

b) In associated companies:

0,00

c) Miscellaneous:

75.851,00

323,00

55.948,00

57,00

3.799,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.6+A.7+A.8-B.2-B.3):

666.852,00

479.308,00

260.607,00

206.703,00

103.587,00

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

0,00

B.4. Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

1.240,00

0,00

B.5. Profit on transactions with own shares and debentures:

0,00

B.6. Capital grants transferred to profit and loss:

3.168,00

3.307,00

0,00

3.448,00

62.660,00

B.7. Extraordinary income:

0,00

1.536,00

0,00

B.8. Income and profit of former financial years:

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.9+A.10+A.11+A.12+A.13-B.4-B.5-B.6-B.7-B.8):

181.081,00

0,00

121,00

20.850,00

0,00

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

0,00

B.VI. FINANCIAL YEAR RESULTS (LOSSES) (B.V+A.14+A.15):

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

5.242.487,00

4.876.170,00

9.481.408,00

5.841.985,00

1.959.696,00

2. Results adjustments.: 61200

841.711,00

826.869,00

1.095.456,00

1.062.243,00

545.667,00

a) Fixed Assets Amortization (+).: 61201

670.545,00

715.222,00

585.731,00

412.427,00

216.720,00

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

169.834,00

75.562,00

512.529,00

627.431,00

391.608,00

d) Allocation of grants (-).: 61204

-3.168,00

-3.307,00

-3.014,00

-3.448,00

-62.660,00

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

0,00

25.834,00

0,00

g) Financial income (-).: 61207

0,00

-56.649,00

-58,00

-3.846,00

h) Financial Expenses (+). : 61208

0,00

147.809,00

69.473,00

80.913,00

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

4.500,00

39.392,00

211,00

0,00

3. Changes in current capital equity.: 61300

811.144,00

-3.083.565,00

-1.978.682,00

-3.638.552,00

423.005,00

a) Stock (+/-).: 61301

-221.107,00

1.874.611,00

-919.263,00

-1.661.738,00

1.004.992,00

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

2.071.048,00

-7.511.295,00

-4.557.463,00

-6.304.491,00

-1.756.424,00

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

-289.588,00

5.610,00

-2.458,00

399,00

-3.408,00

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

-3.580.260,00

1.527.644,00

1.536.038,00

3.541.244,00

-721.166,00

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

2.831.052,00

1.019.864,00

1.964.463,00

786.033,00

1.558.538,00

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

0,00

340.474,00

4. Other cash flows for operating activities.: 61400

-147.387,00

-967.032,00

-2.326.661,00

-971.483,00

-244.844,00

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

-752.888,00

-967.032,00

-2.326.661,00

-971.483,00

-244.844,00

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

605.501,00

0,00

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

6.747.955,00

1.652.442,00

6.271.521,00

2.294.194,00

2.683.524,00

6. Payments for investment (-).: 62100

-1.489.040,00

-1.524.614,00

-4.135.363,00

-2.594.973,00

-2.154.454,00

a) Companies of the group and affiliates. : 62101

-60.041,00

0,00

b) Intangible fixed assets. : 62102

0,00

-18.435,00

-3.100,00

-6.989,00

-11.608,00

c) Fixed assets. : 62103

-1.420.749,00

-1.503.462,00

-4.132.263,00

-2.587.985,00

-2.142.845,00

e) Other financial assets. : 62105

-8.250,00

-2.717,00

0,00

7. Divestment payment collection (+). : 62200

0,00

10.763,00

0,00

e) Other financial assets. : 62205

0,00

10.763,00

0,00

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

-1.489.040,00

-1.524.614,00

-4.721.094,00

-2.996.637,00

-2.371.173,00

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

0,00

58.893,00

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

0,00

58.893,00

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

4.079.264,00

24.161,00

1.300.000,00

1.151.417,00

966.250,00

a) Issuance : 63201

4.079.264,00

24.161,00

1.300.000,00

1.151.417,00

966.250,00

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

4.079.264,00

24.161,00

700.000,00

1.151.417,00

966.250,00

5. Other debts (+). : 63206

0,00

600.000,00

0,00

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

-280.925,00

-70.000,00

-68.641,00

-56.528,00

a) Dividends (-).: 63301

-280.925,00

-70.000,00

-68.641,00

-56.528,00

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

3.798.340,00

-256.763,00

1.230.000,00

1.082.776,00

968.616,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

9.057.255,00

-128.935,00

3.366.158,00

792.759,00

1.497.686,00

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

6.000.097,00

6.129.033,00

2.762.874,00

1.970.115,00

472.429,00

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

15.057.352,00

6.000.097,00

6.129.033,00

2.762.874,00

1.970.115,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,17 %

0,02 %

0,00 %

0,01 %

132,68 %

EBITDA over Sales:

12,61 %

11,48 %

13,66 %

9,23 %

-7,69 %

24,40 %

Cash Flow Yield:

0,18 %

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

11,92 %

7,14 %

12,18 %

5,22 %

-2,21 %

36,89 %

Total economic profitability:

11,32 %

3,93 %

11,50 %

2,49 %

-1,50 %

57,88 %

Financial profitability:

13,84 %

4,65 %

18,81 %

1,31 %

-26,41 %

254,53 %

Margin:

11,09 %

6,88 %

11,81 %

4,85 %

-6,10 %

41,97 %

Mark-up:

9,88 %

4,80 %

10,75 %

1,58 %

-8,16 %

202,94 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,85

0,13

0,38

0,12

122,51

15,72

Acid Test:

2,15

0,86

1,97

0,85

9,08

1,64

Working Capital / Investment:

0,42

0,05

0,37

0,03

12,91

100,01

Solvency:

2,24

1,18

2,09

1,17

6,92

0,76

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,95

1,35

0,90

1,63

4,86

-17,16

Borrowing Composition:

0,42

0,99

0,33

1,02

25,90

-3,80

Repayment Ability:

2,76

76,42

-161,70

191,23

101,71

-60,04

Warranty:

2,06

1,75

2,11

1,62

-2,44

8,02

Generated resources / Total creditors:

0,17

0,09

0,24

0,07

-28,70

29,71

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,30

1,88

2,84

1,73

-18,91

8,81

Turnover of Collection Rights :

2,43

5,10

1,83

4,79

33,24

6,37

Turnover of Payment Entitlements:

7,00

3,69

4,06

3,52

72,25

4,91

Stock rotation:

32,92

7,43

31,66

6,49

3,99

14,44

Assets turnover:

1,07

1,04

1,03

1,08

4,15

-3,57

Borrowing Cost:

2,37

2,84

0,86

2,95

174,67

-3,95

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,17 %

0,00 %

0,09 %

0,04 %

15,65 %

EBITDA over Sales:

12,61 %

13,66 %

27,44 %

30,13 %

23,18 %

Cash Flow Yield:

0,18 %

0,00 %

0,09 %

0,03 %

10,89 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

11,92 %

12,18 %

26,38 %

25,20 %

15,05 %

Total economic profitability:

11,32 %

11,50 %

26,05 %

24,61 %

14,84 %

Financial profitability:

13,84 %

18,81 %

36,17 %

33,43 %

16,70 %

Margin:

11,09 %

11,81 %

25,60 %

27,75 %

21,55 %

Mark-up:

9,88 %

10,75 %

24,92 %

26,80 %

20,47 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,85

0,38

0,51

0,37

0,62

Acid Test:

2,15

1,97

1,93

1,99

2,68

Working Capital / Investment:

0,42

0,37

0,39

0,40

0,42

Solvency:

2,24

2,09

2,18

2,29

2,85

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,95

0,90

0,94

0,96

0,67

Borrowing Composition:

0,42

0,33

0,47

0,57

0,74

Repayment Ability:

2,76

-161,70

5,31

14,84

2,20

Warranty:

2,06

2,11

2,07

2,04

2,50

Generated resources / Total creditors:

0,17

0,24

0,42

0,38

0,29

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,30

2,84

5,19

4,09

2,58

Turnover of Collection Rights :

2,43

1,83

2,21

1,79

1,48

Turnover of Payment Entitlements:

7,00

4,06

3,30

3,69

5,33

Stock rotation:

32,92

31,66

9,02

7,20

14,23

Assets turnover:

1,07

1,03

0,91

0,70

Borrowing Cost:

2,37

0,86

0,83

0,59

1,47

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 Periódico del Mediterráneo

17/06/2014

Kerajet va a invertir 10 millones para diversificar

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

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

54.600,00

Entity

M.E.YC. SECR I+D PROG. TORRES QUEVEDO

Status

CONCEDIDA

Amount Granted

22.248,00

Notes

Contratación de doctores.

Entity

FUNDACION TRIPARTITA

Status

CONCEDIDA

Amount Granted

3.819,99

Notes

Ayuda a la formación del personal.

Entity

OFICINA DE PATENTES Y MARCAS

Status

CONCEDIDA

Amount Granted

2.589,54

Notes

Programa para fomento de solicitudes de patentes en el exterior.

Entity

SUBVENCION AS FABRICANTES MAQ

Status

CONCEDIDA

Amount Granted

1.250,00

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

12.601,16

Entity

FUNDACION TRIPARTITA

Status

CONCEDIDA

Amount Granted

8.100,85

Notes

Ayuda a la formación del personal.

Entity

ASOCIACIÓN ESPAÑOLA DE FABRICANTES DE MAQUINARIA Y BIENES DE EQUIPO PARA LA INDUSTRIA CERÁMICA

Status

CONCEDIDA

Project

Apoyo asistencia a ferias internacionales en territorio nacional.

Amount Granted

17.957,43

Entity

OFICINA DE PATENTES Y MARCAS

Status

CONCEDIDA

Project

Programa para fomento de solicitudes de patentes en el exterior.

Amount Granted

4.945,50

Entity

INSTITUTO VAL. EXPORTACION

Status

CONCEDIDA

Project

Asistencia feria Cevisama 2010.

Amount Granted

4.008,16

Entity

ASEBEC

Status

CONCEDIDA

Project

Fomento I+D+I.

Amount Granted

1.560,00

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA

Status

CONCEDIDA

Amount Granted

142.489,00

Notes

Investigación y desarrollo tecnológico.

Entity

INSTITUTO DE LA MEDIANA EMPRESA Y PEQUEÑA INDUSTRIA VALENCIANA - IREDAB

Status

CONCEDIDA

Amount Granted

10.944,70

Notes

Innoempresa; apoyo innovación.

Entity

ASOCIACIÓN ESPAÑOLA DE FABRICANTES DE MAQUINARIA Y BIENES DE EQUIPO PARA LA INDUSTRIA CERÁMICA

Status

CONCEDIDA

Amount Granted

6.900,00

Notes

Ayuda para el fomento de I+D+I

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.05
UK Pound	1	Rs.96.03
Euro	1	Rs.70.43

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

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

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

Sources

Unit