MIRA INFORM REPORT

Report No. :	305203
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	AGRUCAPERS SOCIEDAD ANONIMA

Registered Office :	Ctra Lorca (De) Km 2.3 - Aguilas - 30880 – Murcia

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	10.02.1968

Legal Form :	Private Company

Line of Business :	Engaged in wholesale and distribution of pickles, such as Gherkins, Onions Caperberries, Peppers, Garlics & Olives

No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

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 – 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:

AGRUCAPERS SOCIEDAD ANONIMA

NIF / Fiscal code:

A30011548

Status:

ACTIVE

Incorporation Date:

10/02/1968

Register Data

Last Publication in BORME:

10/10/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

2.540.268

Localization:

CTRA LORCA (DE) KM 2.3 - AGUILAS - 30880 - MURCIA

Telephone - Fax - Email - Website:

Ph.:. 968 410 454 Website. www.agrucapers.es

Activity:

NACE:

Engaged in wholesale and distribution of pickles, such as Gherkins, Onions

Caperberries, Peppers, Garlics & Olives

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

5 for a total cost of 135804.16999999998

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:

ACCIONES PROPIAS DE AGRUCAPERS, S.A.

1.3 %

PEDRO SANCHEZ IBAÑEZ

0.44 %

SALVADOR FRANCISCO GARCIA FERNANDEZ

0.41 %

SEBASTIAN FERNANDEZ RABAL

6.02 %

Identification

Social Denomination:

AGRUCAPERS SOCIEDAD ANONIMA

NIF / Fiscal code:

A30011548

Corporate Status:

ACTIVE

Start of activity:

1967

Registered Office:

CTRA LORCA (DE) KM 2.3

Locality:

AGUILAS

Province:

MURCIA

Postal Code:

30880

Telephone:

968 410 454

Website:

www.agrucapers.es

Activity

NACE:

1039

CNAE Obtaining Source:

1039

Additional Information:

It is engaged in the production, wholesale and distribution of pickles, such as Gherkins, Onions

Caperberries, Peppers, Garlics & Olives

Ctra Lorca Km 2.300 Aguilas (Murcia) registered office, offices, warehouse, factory and other premises, rented.

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Accounts deposit (ejer. 1990) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

1993

Accounts deposit (ejer. 1991, 1992) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Statutory Modifications (2)

1994

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

1995

Accounts deposit (ejer. 1993) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3)

1996

Accounts deposit (ejer. 1994)

1997

Accounts deposit (ejer. 1995) Board Meeting (1) Errata (1) Increase of Capital (3)

1998

Accounts deposit (ejer. 1996, 1997) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (3) Errata (1) Increase of Capital (1) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (1) Board Meeting (1) Increase of Capital (3)

2000

Board Meeting (1) Increase of Capital (1)

2001

Accounts deposit (ejer. 1999, 2000) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (1) Board Meeting (1)

2003

Appointments/ Re-elections (1) Board Meeting (1) Increase of Capital (1)

2004

Accounts deposit (ejer. 2002, 2003) Appointments/ Re-elections (1) Board Meeting (1)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)

2008

Accounts deposit (ejer. 2007) Board Meeting (1)

2009

Board Meeting (2)

2010

Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (1) Board Meeting (1)

2012

Board Meeting (1)

2013

Accounts deposit (ejer. 2011, 2012) Board Meeting (1)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

2.540.268

Paid up capital:

2.540.268

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

01/10/1997

Increase of Capital

77.050

1.026.649

01/10/1997

Increase of Capital

76.503

1.103.152

16/01/1998

Increase of Capital

74.694

1.177.845

21/10/1999

Increase of Capital

190.004

1.216.653

01/06/2000

Increase of Capital

22.231

1.238.884

23/01/2003

Increase of Capital

1.236.798

2.473.596

08/06/2007

Increase of Capital

66.672

2.540.268

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

SEBASTIAN FERNANDEZ RABAL

22/10/2010

VICE CHAIRMAN

SALVADOR ANTONIO GARCIA HERNANDEZ

18/03/1991

MEMBER OF THE BOARD

GINES ASENSIO CHAPAPRIA

23/07/2014

DRISS GUESSOUS

23/07/2014

JOSE MARIA DE MIGUEL JIMENEZ

22/10/2010

SALVADOR FRANCISCO GARCIA FERNANDEZ

22/10/2010

LUIS GALLARDO HORTIGUELA

22/10/2010

SEBASTIAN FERNANDEZ RABAL

22/10/2010

COMBINED CHIEF EXECUTIVE OFFICER

SEBASTIAN FERNANDEZ RABAL

22/10/2010

JESUS FERNANDEZ LOPEZ

22/10/2010

LUIS GALLARDO HORTIGUELA

22/10/2010

SALVADOR FRANCISCO GARCIA FERNANDEZ

22/10/2010

JOSE MARIA DE MIGUEL JIMENEZ

22/10/2010

JOINT ATTORNEY/COMBINED PROXY

MONICA CASADO PAREDES

22/10/2010

MANUEL PELEGRIN LOPEZ

22/10/2010

MANAGING DIRECTOR

JOSE MANUEL PELEGRIN LOPEZ

08/03/2001

SECRETARY

JESUS FERNANDEZ LOPEZ

23/07/2014

VICE SECRETARY

GINES ASENSIO CHAPAPRIA

23/07/2014

ACCOUNTS' AUDITOR / HOLDER

FRANCISCO CAÑADAS CRIADO

03/10/2014

DEPUTY ACCOUNTS' AUDITOR

JUAN MESA PUGA

03/10/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ANTONIO GALLARDO GARCIA

MEMBER OF THE BOARD

20/11/1995

MEMBER OF THE BOARD

16/11/1998

MEMBER OF THE BOARD

08/03/2001

MEMBER OF THE BOARD

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

VICE SECRETARY

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

22/10/2010

MEMBER OF THE BOARD

22/10/2010

ANTONIO PEREGRIN MARTINEZ

MEMBER

14/02/1994

ASENSIO DIAZ FERMIN

SECRETARY

18/03/1991

DIEGO BELANDO CARAVACA

ACCOUNTS' AUDITOR / HOLDER

26/01/1995

FERMIN ASENSIO DIAZ

MEMBER OF THE BOARD

08/03/2001

MEMBER OF THE BOARD

20/10/2005

MEMBER OF THE BOARD

22/10/2010

MEMBER OF THE BOARD

23/07/2014

CHIEF EXECUTIVE OFFICER

18/03/1991

CHIEF EXECUTIVE OFFICER

08/03/2001

COMBINED CHIEF EXECUTIVE OFFICER

20/11/1995

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

22/10/2010

COMBINED CHIEF EXECUTIVE OFFICER

23/07/2014

SECRETARY

20/11/1995

SECRETARY

08/03/2001

SECRETARY

20/10/2005

SECRETARY

22/10/2010

SECRETARY

23/07/2014

FRANCISCO CAÑADAS CRIADO

ACCOUNTS' AUDITOR / HOLDER

01/04/1993

ACCOUNTS' AUDITOR / HOLDER

24/03/1998

ACCOUNTS' AUDITOR / HOLDER

16/11/1998

ACCOUNTS' AUDITOR / HOLDER

08/03/2001

ACCOUNTS' AUDITOR / HOLDER

17/11/1999

ACCOUNTS' AUDITOR / HOLDER

18/11/2002

ACCOUNTS' AUDITOR / HOLDER

23/09/2003

ACCOUNTS' AUDITOR / HOLDER

10/10/2001

ACCOUNTS' AUDITOR / HOLDER

28/09/2004

ACCOUNTS' AUDITOR / HOLDER

03/10/2005

ACCOUNTS' AUDITOR / HOLDER

20/09/2006

ACCOUNTS' AUDITOR / HOLDER

24/09/2007

ACCOUNTS' AUDITOR / HOLDER

11/02/2010

ACCOUNTS' AUDITOR / HOLDER

14/10/2011

ACCOUNTS' AUDITOR / HOLDER

03/10/2014

FRANCISCO RUIZ GARCIA

MEMBER

26/10/1995

GARCIA HERNANDEZ SALVADOR ANTONIO

MEMBER

18/03/1991

GERARDO PEREGRIN GONZALEZ

MEMBER

14/02/1994

JESUS FERNANDEZ LOPEZ

MEMBER OF THE BOARD

23/07/2014

VICE SECRETARY

23/07/2014

JIMENEZ NAVARRO ANTONIO

MANAGING DIRECTOR

23/03/1998

JUAN LUIS PEREGRIN DIAZ

CHIEF EXECUTIVE OFFICER

20/11/1995

MEMBER

20/11/1995

CHIEF EXECUTIVE OFFICER

08/03/2001

MEMBER OF THE BOARD

08/03/2001

MEMBER OF THE BOARD

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

VICE CHAIRMAN

20/10/2005

JUAN MARTINEZ GARCIA

CHIEF EXECUTIVE OFFICER

18/03/1991

MEMBER

18/03/1991

COMBINED CHIEF EXECUTIVE OFFICER

24/09/2007

MEMBER OF THE BOARD

24/09/2007

MEMBER OF THE BOARD

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

CHIEF EXECUTIVE OFFICER

08/03/2001

MEMBER OF THE BOARD

08/03/2001

COMBINED CHIEF EXECUTIVE OFFICER

20/11/1995

MEMBER

20/11/1995

JUAN MESA PUGA

DEPUTY ACCOUNTS' AUDITOR

03/10/2005

DEPUTY ACCOUNTS' AUDITOR

10/10/2001

DEPUTY ACCOUNTS' AUDITOR

18/11/2002

DEPUTY ACCOUNTS' AUDITOR

23/09/2003

DEPUTY ACCOUNTS' AUDITOR

28/09/2004

ACCOUNTS' AUDITOR / HOLDER

17/11/1999

ACCOUNTS' AUDITOR / HOLDER

08/03/2001

ACCOUNTS' AUDITOR / HOLDER

10/10/2001

ACCOUNTS' AUDITOR / HOLDER

26/01/1995

ACCOUNTS' AUDITOR / HOLDER

24/03/1998

ACCOUNTS' AUDITOR / HOLDER

16/11/1998

DEPUTY ACCOUNTS' AUDITOR

11/02/2010

ACCOUNTS' AUDITOR / HOLDER

20/09/2006

DEPUTY ACCOUNTS' AUDITOR

24/09/2007

DEPUTY ACCOUNTS' AUDITOR

03/10/2014

DEPUTY ACCOUNTS' AUDITOR

14/10/2011

JUAN PEREGRIN MULA

JOINT CHIEF EXECUTIVE OFFICER

30/03/1993

PRESIDENT

30/03/1993

MONICA CASADO PAREDES

JOINT ATTORNEY

22/10/2010

PEDRO SANCHEZ IBAÑEZ

COMBINED CHIEF EXECUTIVE OFFICER

22/10/2010

MEMBER OF THE BOARD

23/07/2014

COMBINED CHIEF EXECUTIVE OFFICER

23/07/2014

MEMBER OF THE BOARD

22/10/2010

MEMBER OF THE BOARD

20/10/2005

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

PEREGRIN MARTINEZ ANTONIO

PRESIDENT

18/03/1991

PEREGRIN MULA JUAN

CHIEF EXECUTIVE OFFICER

18/03/1991

PRESIDENT

18/03/1991

RUIZ GARCIA FRANCISCO

MEMBER

18/03/1991

SALVADOR ANTONIO GARCIA HERNANDEZ

CHIEF EXECUTIVE OFFICER

18/03/1991

COMBINED CHIEF EXECUTIVE OFFICER

20/11/1995

PRESIDENT

20/11/1995

CHIEF EXECUTIVE OFFICER

08/03/2001

MEMBER OF THE BOARD

20/10/2005

PRESIDENT

08/03/2001

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

MEMBER OF THE BOARD

22/10/2010

COMBINED CHIEF EXECUTIVE OFFICER

22/10/2010

SANCHEZ IBAÑEZ PEDRO

MEMBER

18/03/1991

SANCHEZ MANRUBIA FRANCISCO

PROXY

04/06/2007

SEBASTIAN FERNANDEZ RABAL

MEMBER OF THE BOARD

22/10/2010

COMBINED CHIEF EXECUTIVE OFFICER

20/10/2005

MEMBER OF THE BOARD

08/03/2001

MEMBER OF THE BOARD

20/10/2005

CHIEF EXECUTIVE OFFICER

08/03/2001

CHIEF EXECUTIVE OFFICER

20/11/1995

PRESIDENT

22/10/2010

COMBINED CHIEF EXECUTIVE OFFICER

22/10/2010

PRESIDENT

20/10/2005

MEMBER

20/11/1995

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

MONICA CASADO

MANAGING DIRECTOR

JOSE MANUEL PELEGRIN LOPEZ

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

---

Positive Factors

Adverse Factors

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

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

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

The current debt represents a 31.10of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

AGRUCAPERS SOCIEDAD ANONIMA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

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.

Related companies with judicial claims. Some type of judicial / administrative claim or serious action by any of the companies related to AGRUCAPERS SOCIEDAD ANONIMA has been published in BORME.

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.

In the past year the company has suffered terminations or resignations of corporate bodies . Instability in the management and administration of the company may affect the operational structure of the company disfavoring the long-term growth.

Probability of default

> Estimated Probability of Default for the next 12 months: 2.635 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

103 Processing and preserving of fruit and vegetables

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 57.00% of the companies of the sector AGRUCAPERS SOCIEDAD ANONIMA 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 2.635%.

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.

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

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

3 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

4 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ACCIONES PROPIAS DE AGRUCAPERS, S.A.

1.3

PEDRO SANCHEZ IBAÑEZ

0.44

SALVADOR FRANCISCO GARCIA FERNANDEZ

0.41

SEBASTIAN FERNANDEZ RABAL

6.02

PARTICIPATES IN

URCIMAR, S.A.

TARIMSAL GIDA DE IZMIR (TURQUIA)

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

TARIMSAL GIDA SANAYI VE TICARET AS DE IZMIR (TURQUIA)

URCIMAR, SOCIEDAD ANONIMA, FES (MARRUECOS)

FRANCISCO LOPEZ FRANCO SA

MURCIA

6.85

BELONGS TO THE ADMINISTRATION BOARD OF

SPANISH GOURMET SL

MURCIA

Turnover

Total Sales 2014

12.700.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

March 2014

2012

Normales

January 2013

2011

Normales

January 2013

2010

Normales

October 2011

2009

Normales

September 2010

2008

Normales

February 2010

2007

Normales

September 2008

2006

Normales

September 2007

2005

Normales

October 2006

2004

Normales

September 2005

2003

Normales

December 2004

2002

Normales

January 2004

2001

Normales

November 2002

2000

Normales

October 2001

1999

Normales

March 2001

1998

Normales

October 1999

1997

Normales

September 1998

1996

Normales

December 1997

1995

Normales

March 1997

1994

Normales

December 1995

1993

Normales

December 1994

1992

Normales

October 1993

1991

Normales

January 1993

1990

Normales

September 1991

1989

Normales

November 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 28/02/2013

> 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

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

5.680.029,00

5.746.461,00

5.501.186,00

5.594.936,00

5.149.957,00

I. Intangible fixed assets : 11100

886.679,00

821.366,00

493.188,00

235.031,00

30.852,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

22.793,00

22.415,00

26.731,00

29.459,00

30.852,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

154.759,00

46.344,00

0,00

6. Investigation: 11160

709.127,00

752.607,00

466.457,00

205.572,00

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

543.092,00

674.252,00

756.712,00

855.750,00

957.189,00

1. Land and buildings: 11210

417.387,00

470.802,00

502.067,00

536.942,00

565.195,00

2. Technical installations and other tangible fixed assets: 11220

125.705,00

203.451,00

254.645,00

318.808,00

391.995,00

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

4.192.973,00

4.142.873,00

1. Equity instruments: 11410

4.192.973,00

4.182.410,00

4.142.873,00

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

10.563,00

0,00

V. Long-term financial investments: 11500

55.713,00

55.161,00

55.251,00

307.093,00

14.954,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

183,00

273,00

3. Debt securities: 11530

50.799,00

50.248,00

10.000,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

4.731,00

4.681,00

6. Other investments: 11560

0,00

251.891,00

0,00

VI. Assets for deferred tax : 11600

1.573,00

2.709,00

3.062,00

4.090,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

8.055.535,00

9.783.737,00

9.271.030,00

9.363.549,00

11.871.437,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

4.238.742,00

5.916.210,00

5.887.985,00

6.257.427,00

8.173.652,00

1. Commercial: 12210

112.094,00

1.359.793,00

1.393.767,00

1.926.987,00

2.294.199,00

2. Primary material and other supplies: 12220

1.798.463,00

650.853,00

547.671,00

548.436,00

551.465,00

3. Work in progress: 12230

622.359,00

711.201,00

1.108.806,00

730.593,00

1.063.464,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

622.359,00

711.201,00

1.108.806,00

730.593,00

1.063.464,00

4. Finished goods: 12240

192.656,00

240.629,00

329.173,00

323.258,00

479.919,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

192.656,00

240.629,00

329.173,00

323.258,00

479.919,00

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

8.549,00

5.705,00

7.296,00

3.145,00

6. Advances to suppliers: 12260

1.504.621,00

2.948.029,00

2.502.863,00

2.720.858,00

3.781.460,00

III. Trade debtors and others receivable accounts: 12300

3.548.147,00

3.625.982,00

3.227.133,00

3.103.100,00

3.515.613,00

1. Trade debtors / accounts receivable: 12310

3.254.349,00

3.398.122,00

3.003.876,00

2.906.962,00

3.214.547,00

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

0,00

b) Customers for sales and provisions of services : 12312

3.254.349,00

3.398.122,00

3.003.876,00

2.906.962,00

3.214.547,00

2. Customers, Group companies and associates : 12320

0,00

3. Other accounts receivable: 12330

113.171,00

110.694,00

126.280,00

116.641,00

204.814,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

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

180.627,00

117.166,00

96.977,00

79.497,00

96.252,00

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

32.159,00

2.959,00

3.620,00

2.765,00

30.410,00

1. Equity instruments: 12510

0,00

29.610,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

32.159,00

2.959,00

3.620,00

2.765,00

800,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

8.225,00

6.659,00

0,00

-74.987,00

15.674,00

VII. Cash and other equivalent liquid assets : 12700

228.263,00

231.927,00

152.292,00

75.243,00

136.088,00

1. Treasury: 12710

228.263,00

231.927,00

152.292,00

75.243,00

136.088,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

13.735.565,00

15.530.198,00

14.772.216,00

14.958.485,00

17.021.394,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

8.139.264,00

8.027.671,00

7.747.734,00

7.627.004,00

7.612.836,00

A-1) Shareholders' equity: 21000

8.116.084,00

8.027.671,00

7.747.734,00

7.627.004,00

7.612.836,00

I. Capital: 21100

2.540.268,00

1. Registered capital : 21110

2.540.268,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1.120.913,00

III. Reserves: 21300

4.232.883,00

4.086.553,00

3.873.496,00

3.823.170,00

3.700.764,00

1. Legal y estatutarias: 21310

371.183,00

343.189,00

321.883,00

301.264,00

276.175,00

2. Other reserves: 21320

3.861.701,00

3.743.364,00

3.551.613,00

3.521.906,00

3.424.589,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

-32.450,00

0,00

-63.540,00

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

254.470,00

279.937,00

213.056,00

206.192,00

250.891,00

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

23.180,00

0,00

B) NON-CURRENT LIABILITIES: 31000

1.324.360,00

931.554,00

1.412.436,00

1.636.056,00

379.785,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.265.835,00

894.964,00

1.375.846,00

1.599.466,00

343.195,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

1.265.835,00

894.964,00

1.375.846,00

1.576.597,00

276.696,00

3. Creditors from financial leasing: 31230

0,00

12.869,00

56.498,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

10.000,00

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

48.590,00

36.590,00

IV. Liabilities for deferred tax: 31400

9.934,00

0,00

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

4.271.940,00

6.570.973,00

5.612.046,00

5.695.424,00

9.028.774,00

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

3.539.297,00

5.893.255,00

4.760.520,00

5.041.419,00

8.139.964,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

3.521.073,00

5.892.104,00

4.678.588,00

4.885.390,00

8.086.814,00

3. Creditors from financial leasing: 32330

264,00

19.169,00

51.672,00

53.150,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

17.960,00

887,00

62.762,00

104.357,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

732.643,00

677.718,00

767.338,00

654.005,00

812.351,00

1. Suppliers: 32510

378.544,00

238.507,00

386.418,00

365.212,00

475.450,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

378.544,00

238.507,00

386.418,00

365.212,00

475.450,00

2. Suppliers, Group companies and associates: 32520

0,00

3. Other creditors: 32530

198.207,00

243.766,00

278.206,00

207.044,00

208.306,00

4. Personnel (remuneration due): 32540

71.228,00

75.674,00

0,00

5. Liabilities for current tax: 32550

21.025,00

28.328,00

13.753,00

15.085,00

33.481,00

6. Other accounts payable to Public Administrations.: 32560

61.324,00

89.126,00

86.645,00

64.349,00

92.799,00

7. Advances from clients: 32570

2.316,00

VI. Short-term accruals: 32600

0,00

84.189,00

0,00

76.458,00

VII. Special short-term debts : 32700

0,00

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

13.735.565,00

15.530.198,00

14.772.216,00

14.958.485,00

17.021.394,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

12.278.975,00

11.801.391,00

10.770.311,00

10.835.134,00

11.878.512,00

a) Sales: 40110

12.097.588,00

11.683.955,00

10.634.634,00

10.695.424,00

11.864.684,00

b) Rendering of services: 40120

181.387,00

117.436,00

135.676,00

139.710,00

13.827,00

c) Income of financial nature of holding companies: 40130

0,00

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

2.734.120,00

2.968.181,00

3.385.123,00

3.536.570,00

0,00

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

0,00

298.789,00

224.193,00

0,00

4. Supplies : 40400

-11.203.277,00

-11.111.446,00

-10.573.621,00

-10.662.901,00

-7.691.890,00

a) Stock consumption: 40410

-8.297.759,00

-7.810.990,00

-8.890.855,00

-8.494.922,00

-7.691.890,00

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

-2.887.724,00

-3.275.962,00

-1.662.263,00

-2.142.995,00

0,00

c) Works carried out by other companies: 40430

-17.794,00

-24.494,00

-20.503,00

-24.984,00

0,00

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

0,00

5. Other operating income: 40500

66.373,00

118.785,00

12.740,00

18.306,00

0,00

a) Auxiliary income and other from current management: 40510

31.858,00

111.565,00

12.740,00

6.541,00

0,00

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

34.515,00

7.220,00

0,00

11.765,00

0,00

6. Personnel costs: 40600

-1.685.582,00

-1.672.082,00

-1.641.765,00

-1.443.408,00

-1.658.576,00

a) Wages, salaries et al.: 40610

-1.328.014,00

-1.305.169,00

-1.310.355,00

-1.132.870,00

-1.285.873,00

b) Social security costs: 40620

-357.568,00

-366.913,00

-331.410,00

-310.537,00

-372.702,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-1.374.968,00

-1.478.118,00

-1.460.646,00

-1.392.508,00

-1.409.619,00

a) External services: 40710

-1.327.346,00

-1.395.050,00

-1.349.310,00

-1.239.819,00

-1.353.671,00

b) Taxes: 40720

-17.517,00

-17.302,00

-15.098,00

-18.304,00

-13.593,00

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

-16.390,00

-34.176,00

-20.185,00

-44.818,00

0,00

d) Other current management expenditure : 40740

-13.714,00

-31.590,00

-76.053,00

-89.566,00

-42.355,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-198.349,00

-186.084,00

-160.070,00

-162.388,00

-189.191,00

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

82.635,00

0,00

10. Excess provisions : 41000

0,00

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

0,00

-8.169,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

-8.169,00

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

1.506,00

54.576,00

22.338,00

-18.294,00

14.544,00

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

701.433,00

793.993,00

578.602,00

710.511,00

935.611,00

14. Financial income : 41400

15.808,00

14.438,00

32.548,00

26.409,00

68.340,00

a) Of shares in equity instruments : 41410

1.291,00

573,00

481,00

210,00

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

1.291,00

573,00

481,00

210,00

0,00

b) From negotiable securities and other financial instruments : 41420

14.517,00

13.865,00

32.067,00

26.199,00

68.340,00

b 1) From Group companies and associates : 41421

0,00

1.228,00

0,00

19.401,00

0,00

b 2) From third parties : 41422

14.517,00

12.637,00

32.067,00

6.798,00

68.340,00

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

0,00

15. Financial expenditure: 41500

-409.627,00

-435.774,00

-332.679,00

-453.291,00

-643.902,00

a) Amounts owed to Group companies and associates : 41510

-1.840,00

-1.835,00

0,00

b) For debts with third parties : 41520

-407.787,00

-433.940,00

-330.845,00

-451.457,00

-643.902,00

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

20.782,00

-24.908,00

-13.804,00

-27.489,00

-5.894,00

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

-48,00

0,00

-42.490,00

a) Impairment and losses : 41810

0,00

-42.490,00

b) Results for transfers and other : 41820

-48,00

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-373.085,00

-446.245,00

-313.935,00

-454.372,00

-623.946,00

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

328.348,00

347.748,00

264.666,00

256.140,00

311.666,00

20. Income taxes: 41900

-73.878,00

-67.811,00

-51.610,00

-49.947,00

-60.775,00

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

254.470,00

279.937,00

213.056,00

206.192,00

250.891,00

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

0,00

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

254.470,00

279.937,00

213.056,00

206.192,00

250.891,00

> 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:

5.710.906,00

5.743.753,00

5.498.124,00

5.654.386,00

5.145.868,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

886.679,00

821.366,00

493.188,00

235.031,00

30.852,00

1. Research and development costs:

709.127,00

752.607,00

466.457,00

205.572,00

0,00

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

22.793,00

22.415,00

26.731,00

29.459,00

30.852,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

154.759,00

46.344,00

0,00

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:

543.092,00

674.252,00

756.712,00

855.750,00

957.189,00

1. Land and construction:

417.387,00

470.802,00

502.067,00

536.942,00

565.195,00

2. Technical installations and machinery:

77.086,00

124.763,00

156.157,00

195.504,00

240.384,00

3. Other installations, tools and furniture:

24.655,00

39.903,00

49.943,00

62.528,00

76.882,00

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

0,00

5. Other tangible assets:

23.964,00

38.785,00

48.545,00

60.777,00

74.729,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

4.248.686,00

4.248.134,00

4.248.224,00

4.500.065,00

4.157.826,00

1. Equity investments in group companies:

4.192.973,00

4.182.410,00

4.142.873,00

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:

50.799,00

50.248,00

10.000,00

6. Other receivables:

183,00

273,00

262.727,00

273,00

7. Long term guarantees and deposits:

4.731,00

4.681,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

32.450,00

0,00

63.540,00

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

8.057.108,00

9.786.446,00

9.274.092,00

9.367.639,00

11.875.527,00

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

0,00

II. Stocks:

4.238.742,00

5.916.210,00

5.887.985,00

6.257.427,00

8.173.652,00

1. Goods for resale:

112.094,00

1.359.793,00

1.393.767,00

1.926.987,00

2.294.199,00

2. Raw materials and other consumables:

1.798.463,00

650.853,00

547.671,00

548.436,00

551.465,00

3. Goods in process and semifinished ones:

622.359,00

711.201,00

1.108.806,00

730.593,00

1.063.464,00

4. Finished products:

192.656,00

240.629,00

329.173,00

323.258,00

479.919,00

5. Byproducts, scrap and recovered materials:

8.549,00

5.705,00

7.296,00

3.145,00

6. Payments on account:

1.504.621,00

2.948.029,00

2.502.863,00

2.720.858,00

3.781.460,00

7. Provisions:

0,00

III. Debtors:

3.549.720,00

3.628.691,00

3.230.195,00

3.107.190,00

3.519.702,00

1. Trade debtors / accounts receivable:

3.254.349,00

3.398.122,00

3.003.876,00

2.906.962,00

3.214.547,00

2. Accounts receivable, Group companies:

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

113.171,00

110.694,00

126.280,00

116.641,00

204.814,00

5. Staff:

0,00

6. Public bodies:

182.200,00

119.875,00

100.039,00

83.587,00

100.342,00

7. Provisions:

0,00

IV. Short-term investments:

32.159,00

2.959,00

3.620,00

2.765,00

30.410,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

29.610,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

32.159,00

2.959,00

3.620,00

2.765,00

800,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

228.263,00

231.927,00

152.292,00

75.243,00

136.088,00

VII. Prepayments and accrued income:

8.225,00

6.659,00

0,00

-74.987,00

15.674,00

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

13.768.015,00

15.530.198,00

14.772.216,00

15.022.025,00

17.021.394,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

8.155.488,00

8.027.671,00

7.747.734,00

7.690.544,00

7.612.836,00

I. Subscribed capital:

2.540.268,00

II. Share premium:

1.120.913,00

III. Revaluation reserves:

0,00

IV. Reserves:

4.239.837,00

4.086.553,00

3.873.496,00

3.823.170,00

3.700.764,00

1. Legal reserve:

142.964,00

132.182,00

123.976,00

116.034,00

106.371,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

228.219,00

211.007,00

197.908,00

185.230,00

169.804,00

5. Miscellaneous reserves:

3.868.655,00

3.743.364,00

3.551.613,00

3.521.906,00

3.424.589,00

Differences due to capital adjustement to euros:

0,00

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:

254.470,00

279.937,00

213.056,00

206.192,00

250.891,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

16.226,00

0,00

1. Capital grants:

16.226,00

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:

1.324.360,00

931.554,00

1.412.436,00

1.636.056,00

379.785,00

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:

1.265.835,00

894.964,00

1.375.846,00

1.589.466,00

333.195,00

1. Loans and other liabilities:

1.265.835,00

894.964,00

1.375.846,00

1.576.597,00

276.696,00

2. Long-term liabilities from capital leases:

0,00

12.869,00

56.498,00

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

48.590,00

36.590,00

1. Amounts owed to group companies:

48.590,00

36.590,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

9.934,00

0,00

10.000,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

10.000,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

9.934,00

0,00

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:

4.271.940,00

6.570.973,00

5.612.046,00

5.695.424,00

9.028.774,00

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:

3.521.337,00

5.892.369,00

4.697.758,00

4.937.062,00

8.139.964,00

1. Loans and other liabilities:

3.521.073,00

5.892.104,00

4.678.588,00

4.885.390,00

8.086.814,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

264,00

19.169,00

51.672,00

53.150,00

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:

579.067,00

484.589,00

666.939,00

574.571,00

686.071,00

1. Advanced payments from customers:

2.316,00

2. Amounts owed for purchases of goods or services:

576.751,00

482.274,00

664.624,00

572.255,00

683.755,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

171.536,00

194.015,00

163.160,00

183.791,00

126.280,00

1. Public bodies:

82.349,00

117.455,00

100.398,00

79.434,00

126.280,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

17.960,00

887,00

62.762,00

104.357,00

0,00

4. Wages and salaries payable:

71.228,00

75.674,00

0,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

84.189,00

0,00

76.458,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

13.768.015,00

15.530.198,00

14.772.216,00

15.022.025,00

17.021.394,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

14.945.729,00

14.976.223,00

14.234.194,00

14.210.226,00

11.710.505,00

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

0,00

A.2. Supplies:

11.203.277,00

11.111.446,00

10.573.621,00

10.662.901,00

7.691.890,00

a) Stock consumption:

8.297.759,00

7.810.990,00

8.890.855,00

8.494.922,00

7.691.890,00

b) Consumption of raw materials and miscellaneous consumable ones:

2.887.724,00

3.275.962,00

1.662.263,00

2.142.995,00

0,00

c) Miscellaneous external expenditure:

17.794,00

24.494,00

20.503,00

24.984,00

0,00

A.3. Staff costs:

1.685.582,00

1.672.082,00

1.641.765,00

1.443.408,00

1.658.576,00

a) Wages, salaries et al.:

1.328.014,00

1.305.169,00

1.310.355,00

1.132.870,00

1.285.873,00

b) Social security costs:

357.568,00

366.913,00

331.410,00

310.537,00

372.702,00

A.4. Depreciation expense:

198.349,00

186.084,00

160.070,00

162.388,00

189.191,00

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

16.390,00

34.176,00

20.185,00

44.818,00

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

16.390,00

34.176,00

20.185,00

44.818,00

0,00

A.6. Other operating charges:

1.358.578,00

1.443.942,00

1.440.461,00

1.347.690,00

1.409.619,00

a) External services:

1.327.346,00

1.395.050,00

1.349.310,00

1.239.819,00

1.353.671,00

b) Taxes:

17.517,00

17.302,00

15.098,00

18.304,00

13.593,00

c) Other operating expenses:

13.714,00

31.590,00

76.053,00

89.566,00

42.355,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

617.292,00

739.416,00

556.264,00

728.805,00

929.236,00

A.7. Financial and similar charges:

409.675,00

435.774,00

332.679,00

453.291,00

643.902,00

a) Due to liabilities with companies of the group:

1.840,00

1.835,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

407.787,00

433.940,00

330.845,00

451.457,00

643.902,00

d) Losses from financial investments:

48,00

0,00

A.8. Changes in financial investment provisions:

0,00

42.490,00

A.9. Exchange losses:

0,00

24.908,00

13.804,00

27.489,00

5.894,00

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

0,00

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

244.207,00

293.172,00

242.329,00

274.433,00

305.290,00

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

0,00

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

0,00

8.169,00

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

0,00

A.13. Extraordinary expenses:

0,00

18.294,00

0,00

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

0,00

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

84.141,00

54.576,00

22.338,00

0,00

6.375,00

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

328.348,00

347.748,00

264.666,00

256.140,00

311.666,00

A.15. Corporation tax:

73.878,00

67.811,00

51.610,00

49.947,00

60.775,00

A.16. Miscellaneous taxes:

0,00

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

254.470,00

279.937,00

213.056,00

206.192,00

250.891,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

15.200.199,00

15.256.160,00

14.447.251,00

14.416.418,00

11.961.396,00

B.1. Net total sales:

12.278.975,00

11.801.391,00

10.770.311,00

10.835.134,00

11.878.512,00

a) Sales:

12.097.588,00

11.683.955,00

10.634.634,00

10.695.424,00

11.864.684,00

b) Rendering of services:

181.387,00

117.436,00

135.676,00

139.710,00

13.827,00

Returns and Rappel on sales:

0,00

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

2.734.120,00

2.968.181,00

3.385.123,00

3.536.570,00

0,00

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

0,00

298.789,00

224.193,00

0,00

B.4. Miscellaneous operating income:

66.373,00

118.785,00

12.740,00

18.306,00

0,00

a) Auxiliary income and other from current management:

31.858,00

111.565,00

12.740,00

6.541,00

0,00

b) Grants:

34.515,00

7.220,00

0,00

11.765,00

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

1.291,00

573,00

481,00

210,00

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

1.291,00

573,00

481,00

210,00

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

14.517,00

13.865,00

32.067,00

26.199,00

68.340,00

a) From companies of the group:

0,00

1.228,00

0,00

19.401,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

14.517,00

12.637,00

32.067,00

6.798,00

68.340,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

20.782,00

0,00

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

373.085,00

446.245,00

313.935,00

454.372,00

623.946,00

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

0,00

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

0,00

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

0,00

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

82.635,00

0,00

B.12. Extraordinary income:

1.506,00

54.576,00

22.338,00

0,00

14.544,00

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

0,00

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

0,00

18.294,00

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

328.348,00

347.748,00

264.666,00

256.140,00

311.666,00

2. Results adjustments.: 61200

487.293,00

577.753,00

451.667,00

635.054,00

764.272,00

a) Fixed Assets Amortization (+).: 61201

198.349,00

186.084,00

160.070,00

162.388,00

189.191,00

d) Allocation of grants (-).: 61204

-82.635,00

0,00

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

48,00

0,00

8.169,00

g) Financial income (-).: 61207

-15.808,00

-14.438,00

-32.548,00

-26.409,00

-68.340,00

h) Financial Expenses (+). : 61208

409.627,00

435.774,00

332.679,00

453.291,00

643.902,00

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

-20.782,00

24.908,00

13.804,00

27.489,00

5.894,00

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

-1.506,00

-54.576,00

-22.338,00

18.294,00

-14.544,00

3. Changes in current capital equity.: 61300

1.793.723,00

-567.195,00

399.886,00

2.097.520,00

502.895,00

a) Stock (+/-).: 61301

1.677.468,00

-28.224,00

369.442,00

1.916.225,00

-3.572.584,00

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

61.329,00

-434.776,00

-84.220,00

416.100,00

4.129.284,00

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

54.926,00

-104.194,00

114.664,00

-234.805,00

-53.806,00

4. Other cash flows for operating activities.: 61400

-467.697,00

-474.572,00

-353.073,00

-476.830,00

-634.178,00

a) Interest payments (-). : 61401

-409.627,00

-435.774,00

-332.679,00

-453.291,00

-643.902,00

c) Interest collection (+). : 61403

15.808,00

14.438,00

32.548,00

26.409,00

68.340,00

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

-73.878,00

-53.236,00

-52.941,00

-49.947,00

-58.616,00

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

2.141.668,00

-116.267,00

763.147,00

2.511.884,00

944.655,00

6. Payments for investment (-).: 62100

-162.245,00

-431.044,00

-319.181,00

-569.143,00

-971.177,00

b) Intangible fixed assets. : 62102

-158.755,00

-404.537,00

-290.818,00

-217.005,00

-7.708,00

c) Fixed assets. : 62103

26.262,00

-27.259,00

-28.363,00

-37.543,00

-12.926,00

e) Other financial assets. : 62105

-29.752,00

751,00

0,00

-314.594,00

-950.543,00

7. Divestment payment collection (+). : 62200

0,00

250.986,00

0,00

e) Other financial assets. : 62205

0,00

250.986,00

0,00

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

-162.245,00

-431.044,00

-68.194,00

-569.143,00

-971.177,00

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

0,00

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

-1.983.087,00

651.854,00

-504.520,00

-2.003.586,00

-116.447,00

a) Issuance : 63201

-1.983.087,00

651.854,00

0,00

-2.003.586,00

0,00

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

-1.983.087,00

651.854,00

0,00

-2.003.586,00

0,00

b) Repayment and amortization of : 63207

0,00

-504.520,00

0,00

-116.447,00

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

0,00

-504.520,00

0,00

-111.666,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-4.781,00

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

0,00

-99.579,00

0,00

a) Dividends (-).: 63301

0,00

-99.579,00

0,00

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

-1.983.087,00

651.854,00

-604.099,00

-2.003.586,00

-116.447,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

-24.908,00

-13.804,00

0,00

-5.894,00

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

-3.664,00

79.635,00

77.050,00

-60.845,00

-148.863,00

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

231.927,00

152.292,00

75.243,00

136.088,00

284.951,00

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

228.263,00

231.927,00

152.292,00

75.243,00

136.088,00

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 %

0,02 %

0,01 %

-104,42 %

147,03 %

EBITDA over Sales:

6,64 %

10,06 %

7,84 %

9,23 %

-15,30 %

9,02 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

-105,21 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

7,40 %

6,24 %

6,56 %

5,22 %

12,92 %

19,54 %

Total economic profitability:

5,37 %

3,46 %

5,05 %

2,49 %

6,49 %

38,51 %

Financial profitability:

3,14 %

3,97 %

3,49 %

1,33 %

-10,09 %

199,13 %

Margin:

5,67 %

5,78 %

6,05 %

4,85 %

-6,31 %

19,16 %

Mark-up:

2,65 %

3,71 %

2,40 %

1,60 %

10,34 %

132,25 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,05

0,14

0,04

0,12

51,39

18,69

Acid Test:

0,89

0,85

0,59

0,85

51,73

0,11

Working Capital / Investment:

0,28

0,02

0,21

0,03

33,15

-10,39

Solvency:

1,89

1,17

1,49

1,17

26,64

0,08

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,69

1,44

0,93

1,63

-26,43

-11,68

Borrowing Composition:

0,31

1,00

0,14

1,02

118,68

-2,44

Repayment Ability:

-1.527,30

69,76

94,21

187,20

-1.721,13

-62,73

Warranty:

2,45

1,71

2,07

1,62

18,57

5,19

Generated resources / Total creditors:

0,08

0,06

0,07

30,28

19,58

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,48

1,80

1,55

1,72

-4,48

4,32

Turnover of Collection Rights :

3,48

5,02

3,37

4,79

3,25

4,70

Turnover of Payment Entitlements:

20,90

3,67

22,96

3,52

-8,96

4,33

Stock rotation:

2,77

7,39

1,94

6,51

42,60

13,53

Assets turnover:

1,31

1,08

20,53

0,31

Borrowing Cost:

7,32

2,85

5,81

2,95

26,02

-3,40

> 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 %

-0,01 %

EBITDA over Sales:

6,64 %

7,84 %

6,65 %

8,23 %

9,42 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

-0,01 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

7,40 %

6,56 %

5,29 %

6,97 %

7,18 %

Total economic profitability:

5,37 %

5,05 %

4,04 %

4,74 %

5,61 %

Financial profitability:

3,14 %

3,49 %

2,75 %

2,70 %

3,30 %

Margin:

5,67 %

6,05 %

5,05 %

6,71 %

7,75 %

Mark-up:

2,65 %

2,40 %

2,20 %

2,53 %

2,50 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,05

0,04

0,03

0,01

0,02

Acid Test:

0,89

0,59

0,60

0,56

0,41

Working Capital / Investment:

0,28

0,21

0,25

0,17

Solvency:

1,89

1,49

1,65

1,64

1,32

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,69

0,93

0,91

0,96

1,24

Borrowing Composition:

0,31

0,14

0,25

0,29

0,04

Repayment Ability:

-1.527,30

94,21

91,17

-120,49

-63,20

Warranty:

2,45

2,07

2,10

2,04

1,81

Generated resources / Total creditors:

0,08

0,06

0,05

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,48

1,55

1,44

1,62

1,67

Turnover of Collection Rights :

3,48

3,37

3,41

3,50

3,38

Turnover of Payment Entitlements:

20,90

22,96

20,09

23,84

11,20

Stock rotation:

2,77

1,94

1,77

1,62

1,34

Assets turnover:

1,31

1,08

1,05

1,04

0,93

Borrowing Cost:

7,32

5,81

4,74

6,18

6,84

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO.

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

117.149,77

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

ORGANISMO NO ESPECIFICADO.

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

7.219,76

Notes

El importe reflejado corresponde al imputado en la cuenta de pérdidas y ganancias.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

2.620,00

Notes

Subvención por asistencia a Ferias en el extranjero

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

6.842,05

Notes

El importe corresponde a subvenciones recibidas por asistencia a Ferias en el extranjero.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

1.972,59

Notes

El importe corresponde a subvenciones recibidas por asistencia a Ferias en el extranjero.

Research Summary

The company was incorporated in 1968. It is engaged in the production and marketing of pickles.

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.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

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

Identification

Activity

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

LEGAL CLAIMS

Link List

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit