MIRA INFORM REPORT

Report Date :

02.01.2015

IDENTIFICATION DETAILS

Name :	MECANIZADOS SA

Registered Office :	Av. Ausiàs March, 122 (Quatre Carreres) - Valencia - 46026 - Valencia

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	21.10.1982

Legal Form :	Public Limited Company

Line of Business :	· Engaged in Designing, Manufacturing and repairing of tooling and machinery for industry · Engaged in manufacturing all kinds of Prototypes, Parts, Tools, Pieces and instruments tailored upon customer requirements.

No of Employees :	60 (2014)

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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:

MECANIZADOS SA

NIF / Fiscal code:

A46188157

Status:

ACTIVE

Incorporation Date:

21/10/1982

Legal Form :

Public Limited Company

Register Data

Last Publication in BORME:

24/04/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

60.582,02

Localization:

AV. AUSIÀS MARCH, 122 (QUATRE CARRERES) - VALENCIA - 46026 - VALENCIA

Telephone - Fax - Email - Website:

Ph.:. 961 767 200 Email. mecanizados@mecaniza.com

Website. www.mecaniza.com

Number of Branches

Activity:

NACE:

· Engaged in Designing, Manufacturing and repairing of tooling and machinery for industry

· Engaged in manufacturing all kinds of Prototypes, Parts, Tools, Pieces and instruments tailored upon customer requirements.

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

2 for a total cost of 8763.8

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

MINGUEZ MARTI JOAQUIN

INVESTIGATION SUMMARY

It is a company dedicated to machining parts in general. It presents a commercially acceptable financial situation if either its income has decreased by 6.8% due to the economic crisis but its benefits have increased.

Enquiry Details

Identification

Social Denomination:

MECANIZADOS SA

NIF / Fiscal code:

A46188157

Corporate Status:

ACTIVE

Start of activity:

1982

Registered Office:

AV. AUSIÀS MARCH, 122 (QUATRE CARRERES)

Locality:

VALENCIA

Province:

VALENCIA

Postal Code:

46026

Telephone:

961 767 200

Website:

www.mecaniza.com

Email:

mecanizados@mecaniza.com

Branch Offices

Address

Postal Code

City

Province

Granja (Pol. Ind. Rey Juan Carlos I), 28

46440

ALMUSSAFES

VALENCIA

Activity

NACE:

2932

CNAE Obtaining Source:

2932

Additional Information:

It is a company dedicated to the design, manufacture and repair of tooling and machinery for industry. It was incorporated in 1982 as a specific division of its parent company, within the Group Minguez. Engaged in manufacturing all kinds of prototypes, parts, tools pieces and instruments tailored to the needs of its customers.

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

Chronological Summary

Year

Act

1991

Accounts deposit (ejer. 1990)

1992

Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1993

Accounts deposit (ejer. 1992)

1994

Accounts deposit (ejer. 1993)

1995

Accounts deposit (ejer. 1994)

1997

Accounts deposit (ejer. 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (ejer. 1996, 1997)

1999

Accounts deposit (ejer. 1998)

2000

Accounts deposit (ejer. 1999)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (2) Errata (1)

2002

Accounts deposit (ejer. 2001)

2003

Accounts deposit (ejer. 2002)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (1)

2006

Accounts deposit (ejer. 2005)

2007

Accounts deposit (ejer. 2006)

2008

Accounts deposit (ejer. 2007)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009)

2011

Accounts deposit (ejer. 2010)

2012

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

2013

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

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

60.582,02

Paid up capital:

60.582,02

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

09/06/1992

Increase of Capital

6.491

60.582

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE ADMINISTRATOR

MINGUEZ MARTI JOAQUIN

11/04/2014

JOINT ATTORNEY

AGUILAR CERDAN RAMON VICENTE

20/05/2004

MINGUEZ MARTI ELENA

20/05/2004

PROXY

MINGUEZ MARTI CARMEN

23/07/2012

ACCOUNTS' AUDITOR / HOLDER

ROYAL AUDITORES SOCIEDAD LIMITADA PROFESIONAL

30/05/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUILAR GARCIA CONSUELO

SINGLE ADMINISTRATOR

09/06/1992

AGUILAR GARCIA RAMON

JOINT ATTORNEY

20/05/2004

BAIXAULI GONZALEZ ANTONIO LUIS

DEPUTY ACCOUNTS' AUDITOR

23/03/2004

DEPUTY ACCOUNTS' AUDITOR

16/02/2005

BLANQUEZ QUESADA MANUEL

PROXY

20/05/2004

MIGUEZ AGUILAR CONSUELO

JOINT ATTORNEY

20/05/2004

MINGUEZ AGUILAR CONSUELO

JOINT ATTORNEY

23/07/2012

MINGUEZ AGUILAR JOAQUIN

PROXY

20/05/2004

PROXY

23/07/2012

JOINT ATTORNEY

04/05/2001

MINGUEZ AGUILAR MARIA TERESA

SINGLE ADMINISTRATOR

20/05/2004

SINGLE ADMINISTRATOR

15/09/1997

SINGLE ADMINISTRATOR

05/07/2001

MINGUEZ MARTI JOAQUIN

SINGLE ADMINISTRATOR

21/05/2009

SINGLE ADMINISTRATOR

11/04/2014

RICO MARTINEZ JOSE LUIS

ACCOUNTS' AUDITOR / HOLDER

23/03/2004

ACCOUNTS' AUDITOR / HOLDER

16/02/2005

ROYAL AUDITORES SOCIEDAD LIMITADA

ACCOUNTS' AUDITOR / HOLDER

30/05/2013

ROYAL AUDITORES SOCIEDAD LIMITADA PROFESIONAL

ACCOUNTS' AUDITOR / HOLDER

30/05/2013

Executive board

Post	NIF	Name
ADMINISTRATOR		JOAQUIN MINGUEZ MARTI
FINANCIAL DIRECTOR		JOAQUIN MINGUEZ AGUILAR
MANAGING DIRECTOR		JOAQUIN MINGUEZ MARTIN

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.

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

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Positive Working Capital. The Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

MECANIZADOS SA it presents an excessive indebtedness that may compromise their balance sheet.

The current debt represents a 60.04% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation.

No Company's subsidiaries or branches are known.

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

Probability of default

> Estimated Probability of Default for the next 12 months: 5.395 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

293 Manufacture of parts and accessories for motor vehicles

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 23.00% of the companies of the sector MECANIZADOS 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 5.395%.

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

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

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

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

References

Clients
	Name	NIF	Telephone
	ACELOR MITTAL
	BP
	FORD
	GALESA
	NAVANTIA
	GRUPO LACTALIS
	BABCOCK

Link List

IS RELATED WITH :

6 Entities

SHAREHOLDERS :

1 Entities

Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

MINGUEZ MARTI JOAQUIN

Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

URBA SA 901177752

AUTOMOTOR VALENCIA SA

VALENCIA

MINGUEZ RECAMBIOS SA

VALENCIA

MINGUEZ SA

VALENCIA

RECTIFICADOS MINGUEZ GANDIA SA

VALENCIA

SOCIEDAD ANONIMA DE TRABAJOS ADMINISTRATIVOS

VALENCIA

Turnover

Total Sales 2013

8.745.144

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

August 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

September 2010

2008

Normales

August 2009

2007

Normales

November 2008

2006

Normales

August 2007

2005

Normales

September 2006

2004

Normales

October 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

October 2002

2000

Normales

September 2001

1999

Normales

September 2000

1998

Normales

September 1999

1997

Normales

August 1998

1996

Normales

June 1998

1995

Normales

March 1997

1994

Normales

September 1995

1993

Normales

July 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

August 1991

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 Mixto 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

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

1.693.520,00

1.762.205,00

1.992.397,00

2.214.263,00

2.533.404,00

I. Intangible fixed assets : 11100

30.916,00

17.208,00

16.093,00

7.743,00

6.966,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

5.607,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

30.916,00

11.601,00

10.485,00

2.135,00

1.359,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

1.169.983,00

1.378.390,00

1.637.479,00

1.790.987,00

2.115.208,00

1. Land and buildings: 11210

635.688,00

666.496,00

697.304,00

721.964,00

752.317,00

2. Technical installations and other tangible fixed assets: 11220

534.295,00

711.894,00

940.175,00

1.069.022,00

1.362.891,00

3. Tangible asset in progress and advances: 11230

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

401.685,00

366.606,00

338.825,00

415.533,00

411.229,00

1. Equity instruments: 11510

313.458,00

274.380,00

244.885,00

321.593,00

406.140,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

88.227,00

92.227,00

93.940,00

5.089,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

90.936,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

4.325.395,00

4.573.439,00

4.763.151,00

5.312.091,00

5.488.731,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

598.030,00

1.897.203,00

2.517.320,00

2.772.825,00

3.053.894,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

154.914,00

855.369,00

1.254.599,00

1.523.749,00

1.716.741,00

3. Work in progress: 12230

406.566,00

996.706,00

1.223.835,00

1.210.757,00

1.303.189,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

406.566,00

996.706,00

1.223.835,00

1.210.757,00

1.303.189,00

4. Finished goods: 12240

36.550,00

45.128,00

38.887,00

38.319,00

33.964,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

36.550,00

45.128,00

38.887,00

38.319,00

33.964,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

2.840.742,00

2.221.632,00

1.869.559,00

2.334.263,00

2.246.850,00

1. Trade debtors / accounts receivable: 12310

2.123.303,00

2.220.993,00

1.867.570,00

2.322.654,00

2.233.592,00

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

0,00

b) Customers for sales and provisions of services : 12312

2.123.303,00

2.220.993,00

1.867.570,00

2.322.654,00

2.233.592,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

715.323,00

0,00

4. Personnel: 12340

2.115,00

639,00

1.989,00

11.609,00

13.258,00

5. Assets for deferred tax: 12350

0,00

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

0,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

863.182,00

404.641,00

307.250,00

107.656,00

170.779,00

1. Equity instruments: 12510

640.130,00

189.470,00

89.994,00

0,00

84.742,00

2. Credits to businesses: 12520

223.053,00

215.170,00

217.256,00

107.656,00

86.037,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

23.441,00

49.964,00

69.021,00

97.346,00

17.208,00

1. Treasury: 12710

23.441,00

49.964,00

69.021,00

97.346,00

17.208,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

6.018.914,00

6.335.644,00

6.755.548,00

7.526.353,00

8.022.135,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.407.621,00

1.166.199,00

1.018.070,00

1.108.951,00

1.195.064,00

A-1) Shareholders' equity: 21000

1.338.981,00

1.129.482,00

1.018.070,00

1.108.951,00

1.195.064,00

I. Capital: 21100

60.581,00

1. Registered capital : 21110

60.581,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

1.068.901,00

957.489,00

857.221,00

1.022.272,00

1.110.834,00

1. Legal y estatutarias: 21310

12.116,00

2. Other reserves: 21320

1.056.785,00

945.373,00

845.105,00

1.010.156,00

1.098.718,00

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

209.499,00

111.412,00

100.268,00

26.098,00

23.649,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

68.640,00

36.717,00

0,00

I. Financial assets held for sale: 22100

68.640,00

36.717,00

0,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

997.790,00

604.056,00

752.595,00

1.055.372,00

1.097.345,00

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

968.373,00

588.320,00

752.595,00

1.055.372,00

1.086.603,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

968.373,00

588.320,00

752.595,00

1.055.372,00

1.086.603,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

29.417,00

15.736,00

0,00

10.741,00

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

3.613.503,00

4.565.389,00

4.984.883,00

5.362.030,00

5.729.726,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

1.786.289,00

2.234.710,00

2.378.662,00

2.578.504,00

2.048.664,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

1.784.613,00

2.121.559,00

2.354.606,00

2.447.899,00

1.804.185,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

1.676,00

113.151,00

24.057,00

130.605,00

244.479,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.827.215,00

2.330.679,00

2.606.221,00

2.783.526,00

3.681.062,00

1. Suppliers: 32510

1.152.161,00

1.655.338,00

1.325.934,00

1.347.191,00

1.892.678,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.152.161,00

1.655.338,00

1.325.934,00

1.347.191,00

1.892.678,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

68,00

79,00

54,00

5.888,00

4. Personnel (remuneration due): 32540

194.334,00

198.029,00

181.802,00

166.260,00

122.996,00

5. Liabilities for current tax: 32550

30.691,00

46.671,00

3.889,00

18.228,00

19.770,00

6. Other accounts payable to Public Administrations.: 32560

449.962,00

426.112,00

508.544,00

354.056,00

365.822,00

7. Advances from clients: 32570

0,00

4.450,00

585.998,00

897.736,00

1.273.908,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

6.018.914,00

6.335.644,00

6.755.548,00

7.526.353,00

8.022.135,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

8.745.144,00

9.387.520,00

7.029.236,00

7.151.337,00

6.403.010,00

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

-1.018.174,00

-343.452,00

-138.754,00

-87.491,00

164.308,00

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

0,00

48.660,00

0,00

315.860,00

4. Supplies : 40400

-3.618.355,00

-4.624.351,00

-2.641.760,00

-2.889.693,00

-3.302.746,00

5. Other operating income: 40500

0,00

8.625,00

0,00

6.000,00

6. Personnel costs: 40600

-2.851.891,00

-2.817.888,00

-2.614.743,00

-2.580.433,00

-2.504.073,00

7. Other operating costs: 40700

-689.096,00

-771.746,00

-851.339,00

-871.102,00

-656.826,00

8. Amortisation of fixed assets: 40800

-304.251,00

-360.842,00

-401.998,00

-415.218,00

-337.414,00

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

0,00

10. Excess provisions : 41000

0,00

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

468,00

0,00

-7.817,00

16.825,00

-2.877,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-5.626,00

2.497,00

4.586,00

-7.141,00

28.213,00

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

258.218,00

520.398,00

386.036,00

317.084,00

113.454,00

14. Financial income : 41400

3.799,00

17.356,00

22.632,00

15.464,00

52.853,00

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

0,00

b) Other financial income: 41490

3.799,00

17.356,00

22.632,00

15.464,00

52.853,00

15. Financial expenditure: 41500

-208.853,00

-281.205,00

-216.523,00

-159.323,00

-208.213,00

16. Changes in fair value of financial instruments : 41600

96.127,00

-76.683,00

-48.652,00

-138.383,00

85.722,00

17. Exchange rate differences : 41700

761,00

1.276,00

0,00

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

0,00

-21.559,00

0,00

-342,00

-10.032,00

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

B) FINANCIAL REVENUE (14 + 15 + 16 + 17 + 18 + 19) : 49200

-108.167,00

-360.815,00

-242.543,00

-282.584,00

-79.670,00

C) NET RESULT BEFORE TAXES (A + B) : 49300

150.051,00

159.583,00

143.493,00

34.499,00

33.785,00

20. Income taxes: 41900

59.449,00

-48.171,00

-43.225,00

-8.402,00

-10.135,00

D) RESULT OF THE PERIOD (C + 20) : 49500

209.499,00

111.412,00

100.268,00

26.098,00

23.649,00

> 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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

1.602.584,00

1.762.205,00

1.992.397,00

2.214.263,00

2.533.404,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

30.916,00

17.208,00

16.093,00

7.743,00

6.966,00

1. Research and development costs:

0,00

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

0,00

5.607,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

30.916,00

11.601,00

10.485,00

2.135,00

1.359,00

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:

1.169.983,00

1.378.390,00

1.637.479,00

1.790.987,00

2.115.208,00

1. Land and construction:

635.688,00

666.496,00

697.304,00

721.964,00

752.317,00

2. Technical installations and machinery:

374.077,00

498.420,00

658.247,00

748.457,00

954.204,00

3. Other installations, tools and furniture:

91.853,00

122.384,00

161.629,00

183.780,00

234.300,00

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

0,00

5. Other tangible assets:

68.365,00

91.089,00

120.299,00

136.785,00

174.387,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

401.685,00

366.606,00

338.825,00

415.533,00

411.229,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

313.458,00

274.380,00

244.885,00

321.593,00

406.140,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

88.227,00

92.227,00

93.940,00

5.089,00

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:

4.416.331,00

4.573.439,00

4.763.151,00

5.312.091,00

5.488.731,00

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

0,00

II. Stocks:

598.030,00

1.897.203,00

2.517.320,00

2.772.825,00

3.053.894,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

154.914,00

855.369,00

1.254.599,00

1.523.749,00

1.716.741,00

3. Goods in process and semifinished ones:

406.566,00

996.706,00

1.223.835,00

1.210.757,00

1.303.189,00

4. Finished products:

36.550,00

45.128,00

38.887,00

38.319,00

33.964,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

2.931.678,00

2.221.632,00

1.869.559,00

2.334.263,00

2.246.850,00

1. Trade debtors / accounts receivable:

2.123.303,00

2.220.993,00

1.867.570,00

2.322.654,00

2.233.592,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

715.323,00

0,00

5. Staff:

2.115,00

639,00

1.989,00

11.609,00

13.258,00

6. Public bodies:

90.936,00

0,00

7. Provisions:

0,00

IV. Short-term investments:

863.182,00

404.641,00

307.250,00

107.656,00

170.779,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

640.130,00

189.470,00

89.994,00

0,00

84.742,00

6. Other receivables:

223.053,00

215.170,00

217.256,00

107.656,00

86.037,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

23.441,00

49.964,00

69.021,00

97.346,00

17.208,00

VII. Prepayments and accrued income:

0,00

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

6.018.914,00

6.335.644,00

6.755.548,00

7.526.353,00

8.022.135,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.407.621,00

1.166.199,00

1.018.070,00

1.108.951,00

1.195.064,00

I. Subscribed capital:

60.581,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

1.137.541,00

994.206,00

857.221,00

1.022.272,00

1.110.834,00

1. Legal reserve:

12.116,00

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:

1.125.423,00

982.089,00

845.104,00

1.010.155,00

1.098.716,00

Differences due to capital adjustement to euros:

1,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

209.499,00

111.412,00

100.268,00

26.098,00

23.649,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

997.790,00

604.056,00

752.595,00

1.055.372,00

1.097.345,00

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:

968.373,00

588.320,00

752.595,00

1.055.372,00

1.086.603,00

1. Loans and other liabilities:

968.373,00

588.320,00

752.595,00

1.055.372,00

1.086.603,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

29.417,00

15.736,00

0,00

10.741,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

29.417,00

15.736,00

0,00

10.741,00

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:

3.613.503,00

4.565.389,00

4.984.883,00

5.362.030,00

5.729.726,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

1.784.613,00

2.121.559,00

2.354.606,00

2.447.899,00

1.804.185,00

1. Loans and other liabilities:

1.784.613,00

2.121.559,00

2.354.606,00

2.447.899,00

1.804.185,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.152.228,00

1.659.867,00

1.911.986,00

2.244.981,00

3.172.473,00

1. Advanced payments from customers:

0,00

4.450,00

585.998,00

897.736,00

1.273.908,00

2. Amounts owed for purchases of goods or services:

1.152.228,00

1.655.417,00

1.325.989,00

1.347.245,00

1.898.566,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

676.662,00

783.963,00

718.292,00

669.150,00

753.067,00

1. Public bodies:

480.652,00

472.783,00

512.433,00

372.284,00

385.592,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

1.676,00

113.151,00

24.057,00

130.605,00

244.479,00

4. Wages and salaries payable:

194.334,00

198.029,00

181.802,00

166.260,00

122.996,00

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):

6.018.914,00

6.335.644,00

6.755.548,00

7.526.353,00

8.022.135,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

8.636.799,00

9.345.897,00

6.964.810,00

7.157.528,00

6.868.009,00

A.1. Operating consumption:

4.636.529,00

4.967.803,00

2.780.514,00

2.977.184,00

3.138.438,00

A.2. Staff Costs:

2.851.891,00

2.817.888,00

2.614.743,00

2.580.433,00

2.504.073,00

a) Wages, salaries et al.:

2.113.036,00

2.087.842,00

1.937.327,00

1.911.905,00

1.855.329,00

b) Social security costs:

738.856,00

730.046,00

677.416,00

668.527,00

648.744,00

A.3. Depreciation expense:

304.251,00

360.842,00

401.998,00

415.218,00

337.414,00

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

0,00

A.5. Other operating charges:

689.096,00

771.746,00

851.339,00

871.102,00

656.826,00

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

263.376,00

517.901,00

389.267,00

307.400,00

88.118,00

A.6. Financial and similar charges:

208.853,00

302.764,00

216.523,00

159.665,00

218.245,00

a) Due to liabilities with companies of the group:

338,00

456,00

351,00

258,00

337,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts:

208.515,00

280.749,00

216.172,00

159.065,00

207.875,00

d) Losses from financial investments:

0,00

21.559,00

0,00

342,00

10.032,00

A.7. Financial investment provision change:

0,00

76.683,00

48.652,00

138.383,00

0,00

A.8. Exchange losses:

0,00

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):

155.209,00

157.086,00

146.724,00

24.815,00

8.449,00

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

7.817,00

0,00

2.877,00

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

0,00

A.12. Extraordinary expenses:

5.626,00

0,00

7.141,00

0,00

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

2.497,00

0,00

9.684,00

25.336,00

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

150.051,00

159.583,00

143.493,00

34.499,00

33.785,00

A.14. Corporation Tax:

-59.449,00

48.171,00

43.225,00

8.402,00

10.135,00

A.15. Miscellaneous taxes:

0,00

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

209.499,00

111.412,00

100.268,00

26.098,00

23.649,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

8.846.298,00

9.457.309,00

7.065.078,00

7.183.625,00

6.891.658,00

B.1. Operating income:

8.745.144,00

9.436.180,00

7.037.861,00

7.151.337,00

6.724.870,00

a) Net total sales:

8.745.144,00

9.387.520,00

7.029.236,00

7.151.337,00

6.403.010,00

b) Miscellaneous operating income:

0,00

48.660,00

8.625,00

0,00

321.860,00

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

0,00

B.2. Financial income:

99.926,00

17.356,00

22.632,00

15.464,00

138.575,00

a) Companies of the group:

0,00

b) In associated companies:

0,00

c) Miscellaneous:

99.926,00

17.356,00

22.632,00

15.464,00

138.575,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

761,00

1.276,00

0,00

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

108.167,00

360.815,00

242.543,00

282.584,00

79.670,00

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:

468,00

0,00

16.825,00

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

2.497,00

4.586,00

0,00

28.213,00

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):

5.158,00

0,00

3.231,00

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

150.051,00

159.583,00

143.493,00

34.499,00

33.785,00

2. Results adjustments.: 61200

212.480,00

480.655,00

379.307,00

604.863,00

407.506,00

a) Fixed Assets Amortization (+).: 61201

304.251,00

360.842,00

401.998,00

415.218,00

337.414,00

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

4.356,00

-9.324,00

21.049,00

35.415,00

454,00

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

0,00

7.817,00

-16.825,00

0,00

g) Financial income (-).: 61207

-3.799,00

-17.356,00

-22.632,00

-15.464,00

-52.853,00

h) Financial Expenses (+). : 61208

208.853,00

281.205,00

216.523,00

159.323,00

208.213,00

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

-96.127,00

76.683,00

48.652,00

138.383,00

-85.722,00

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

0,00

52.453,00

-100.208,00

0,00

3. Changes in current capital equity.: 61300

188.223,00

-40.955,00

497.220,00

-849.965,00

443.920,00

a) Stock (+/-).: 61301

1.299.173,00

620.118,00

255.505,00

281.068,00

-297.961,00

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

-623.465,00

-342.749,00

443.655,00

-235.040,00

645.867,00

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

-487.484,00

-318.324,00

-201.940,00

-895.994,00

96.014,00

4. Other cash flows for operating activities.: 61400

-47.468,00

-5.389,00

-18.590,00

-53.356,00

-177.398,00

a) Interest payments (-). : 61401

0,00

-47.837,00

-208.213,00

c) Interest collection (+). : 61403

0,00

15.166,00

52.853,00

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

-47.468,00

-5.389,00

-18.590,00

-20.685,00

-22.039,00

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

503.287,00

593.892,00

1.001.431,00

-263.959,00

707.812,00

6. Payments for investment (-).: 62100

-461.441,00

-304.723,00

-439.263,00

-171.337,00

-640.496,00

b) Intangible fixed assets. : 62102

-17.563,00

-3.977,00

-8.969,00

-1.116,00

-396,00

c) Fixed assets. : 62103

-91.989,00

-98.892,00

-258.756,00

-90.657,00

-346.019,00

e) Other financial assets. : 62105

-351.889,00

-201.855,00

-171.538,00

-79.564,00

-294.081,00

7. Divestment payment collection (+). : 62200

0,00

3.067,00

16.825,00

628.720,00

c) Fixed assets. : 62203

0,00

3.067,00

16.825,00

0,00

e) Other financial assets. : 62205

0,00

628.720,00

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

-765.692,00

-665.566,00

-838.194,00

-569.730,00

-349.191,00

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

0,00

-90.940,00

0,00

b) Amortization of assets instruments (-). : 63102

0,00

-90.940,00

0,00

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

-68.369,00

-308.227,00

-502.619,00

498.609,00

-699.220,00

a) Issuance : 63201

1.806.919,00

517.628,00

3.283.245,00

9.653.428,00

8.890.971,00

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

1.751.826,00

408.646,00

3.040.190,00

9.604.963,00

8.656.345,00

5. Other debts (+). : 63206

55.093,00

108.982,00

243.055,00

48.465,00

234.626,00

b) Repayment and amortization of : 63207

-1.875.288,00

-825.854,00

-3.785.864,00

-9.154.819,00

-9.590.190,00

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

-1.708.719,00

-805.967,00

-3.436.261,00

-8.992.480,00

-9.399.567,00

5. Other debts (-). : 63212

-166.569,00

-19.888,00

-349.603,00

-162.340,00

-190.623,00

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

0,00

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

-68.369,00

-308.227,00

-593.560,00

498.609,00

-699.220,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-26.523,00

-19.058,00

-28.325,00

80.138,00

-3.184,00

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

49.964,00

69.021,00

97.346,00

17.208,00

20.392,00

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

23.441,00

49.964,00

69.021,00

97.346,00

17.208,00

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:

0,00 %

0,01 %

0,00 %

EBITDA over Sales:

6,49 %

6,83 %

9,36 %

6,02 %

-30,66 %

13,54 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

5,55 %

4,91 %

9,31 %

2,38 %

-40,37 %

106,27 %

Total economic profitability:

5,96 %

4,77 %

6,96 %

1,96 %

-14,29 %

142,67 %

Financial profitability:

15,65 %

5,43 %

9,86 %

-0,46 %

58,62 %

1.284,93 %

Margin:

3,02 %

3,93 %

5,49 %

2,13 %

-45,03 %

84,54 %

Mark-up:

1,78 %

3,51 %

1,66 %

0,35 %

6,93 %

898,76 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,21

0,01

0,17

-40,73

24,12

Acid Test:

1,03

1,12

0,59

1,01

75,97

10,64

Working Capital / Investment:

0,12

0,18

0,00

0,14

28,31

Solvency:

1,22

1,62

1,00

1,53

22,00

5,98

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

3,44

1,04

4,58

1,26

-24,75

-17,32

Borrowing Composition:

0,28

0,60

0,13

0,85

108,69

-29,79

Repayment Ability:

-173,86

48,00

-271,25

7.000,87

35,90

-99,31

Warranty:

1,31

1,96

1,23

1,79

6,50

9,55

Generated resources / Total creditors:

0,11

0,10

0,05

16,63

114,83

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,20

1,39

1,31

1,33

-8,60

4,10

Turnover of Collection Rights :

3,08

4,48

4,25

4,32

-27,52

3,61

Turnover of Payment Entitlements:

1,80

3,88

2,17

3,64

-16,96

6,47

Stock rotation:

14,18

6,52

4,70

5,61

201,71

16,14

Assets turnover:

1,84

1,25

1,70

1,12

8,47

11,78

Borrowing Cost:

4,53

2,48

5,44

2,92

-16,74

-15,09

> 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:

0,00 %

0,01 %

-0,05 %

EBITDA over Sales:

6,49 %

9,36 %

11,26 %

10,10 %

6,65 %

Cash Flow Yield:

0,00 %

0,01 %

-0,04 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

5,55 %

9,31 %

6,24 %

4,63 %

1,15 %

Total economic profitability:

5,96 %

6,96 %

5,33 %

2,58 %

3,02 %

Financial profitability:

15,65 %

9,86 %

9,85 %

2,35 %

1,98 %

Margin:

3,02 %

5,49 %

5,42 %

4,53 %

1,27 %

Mark-up:

1,78 %

1,66 %

1,97 %

0,58 %

0,08 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,01

0,02

0,00

Acid Test:

1,03

0,59

0,45

0,47

0,42

Working Capital / Investment:

0,12

0,00

-0,03

-0,01

-0,03

Solvency:

1,22

1,00

0,96

0,99

0,96

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

3,44

4,58

5,64

5,79

5,71

Borrowing Composition:

0,28

0,13

0,15

0,20

0,19

Repayment Ability:

-173,86

-271,25

-202,56

80,08

15,47

Warranty:

1,31

1,23

1,18

1,17

1,18

Generated resources / Total creditors:

0,11

0,10

0,09

0,07

0,05

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,20

1,31

1,30

1,28

1,17

Turnover of Collection Rights :

3,08

4,25

3,76

3,06

2,99

Turnover of Payment Entitlements:

1,80

2,17

1,29

1,32

1,12

Stock rotation:

14,18

4,70

2,64

2,47

2,17

Assets turnover:

1,84

1,70

1,15

1,02

0,90

Borrowing Cost:

4,53

5,44

3,77

2,48

3,05

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

8.625,00

Notes

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

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

138,80

Notes

Dicha subvención como apoyo a la contratación.

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.63.32
UK Pound	1	Rs.98.64
Euro	1	Rs.76.60

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	MNL

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

INVESTIGATION SUMMARY

Enquiry Details

Branch Offices

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

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

References

Link List

Shareholders

Other relationships

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit