4MIRA INFORM REPORT

Report No. :	329700
Report Date :	03.07.2015

IDENTIFICATION DETAILS

Name :	CUÑADO INTERNACIONAL SA

Registered Office :	Cno. Olivar, 2 - Esquina Calle Mexico - Alcala De Henares - 28806 - Madrid

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	29.09.1983

Legal Form :	Public Company

Line of Business :	Wholesale of Other Machinery and Equipment.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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

SPAIN - ECONOMIC OVERVIEW

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 briefly 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 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014. 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 January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

CUÑADO INTERNACIONAL SA

NIF / Fiscal code:

A28867109

Status:

ACTIVE

Incorporation Date:

29/09/1983

Register Data

Last Publication in BORME:

11/11/2014 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

348.587,02

Localization:

CNO. OLIVAR, 2 - ESQUINA CALLE MEXICO - ALCALA DE HENARES - 28806 - MADRID

Telephone - Fax - Email - Website:

Telephone. 918 878 700 Email. CUNADO@AEDHE.ES Website. WWW.FLUIDEX.ES/FLUIDEX/EMPR/58.HTML

Activity:

NACE:

4669 - Wholesale of other machinery and equipment

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Scoring and Risk:

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

CEMIDE SL

94.83 %

Enquiry Details

Business address regime:

In rent.

Identification

Social Denomination:

CUÑADO INTERNACIONAL SA

NIF / Fiscal code:

A28867109

Corporate Status:

ACTIVE

Start of activity:

1984

Registered Office:

CNO. OLIVAR, 2 - ESQUINA CALLE MEXICO

Locality:

ALCALA DE HENARES

Province:

MADRID

Postal Code:

28806

Telephone:

918 878 700

Fax:

918 878 789

Website:

WWW.FLUIDEX.ES/FLUIDEX/EMPR/58.HTML

Email:

CUNADO@AEDHE.ES

Activity

NACE:

4669

Legal Form:

WHOLESALE OF ALIMENTARY PRODUCTS OF ANY KIND AS WELL AS DRINKS,

Additional Information:

The company is engaged in the international trade (buying and selling, representation, import, export) of pipes, valves and its accesories, machines, tools, vehicles and its parts. The company belongs to a group of companies, being the mercantile CEMIDE SL with address in Madrid, which formulates and depositates the annual consolidates accounts of all the group of companies in the Trade Register of Madrid. In the financial year of 2012 the group CEMIDE SL started an obligated process of reorganization to optimize its operational and financial structures. That means asset and liabilities disposal, and activities of the company of grupo CUÑADO S.A. This process is attempted to be finished the next financial year in 2014.

Additional Address:

CNO. OLIVAR, 2 - ESQUINA CALLE MEXICO 28806 ALCALA DE HENARES ( MADRID ) , registered office, offices, storage, industrial unit, in rent.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Appointments/ Re-elections (1) Change of Social Purpose (1)

1991

Accounts deposit (year 1989) Appointments/ Re-elections (1)

1992

Accounts deposit (year 1990, 1991) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

1993

Accounts deposit (year 1992)

1994

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)

1995

Accounts deposit (year 1993, 1994) Increase of Capital (1)

1996

Accounts deposit (year 1995)

1997

Accounts deposit (year 1996) Adaptation to Law (1) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)

1999

Accounts deposit (year 1998)

2000

Appointments/ Re-elections (2)

2001

Accounts deposit (year 1999)

2002

Accounts deposit (year 2000) Appointments/ Re-elections (1)

2003

Accounts deposit (year 2001, 2002) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (2)

2005

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

2006

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

2007

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

2008

Accounts deposit (year 2007) Appointments/ Re-elections (3)

2010

Accounts deposit (year 2008, 2009) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2011

Appointments/ Re-elections (1)

2012

Accounts deposit (year 2010) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (3)

2013

Accounts deposit (year 2011) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Change of Social address (1)

2014

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

Breakdown of Owners' Equity

Registered Capital:

348.587,02

Paid up capital:

348.587,02

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

26/10/1992

Increase of Capital

240.405

300.506

06/11/1995

Increase of Capital

18.030

318.536

09/06/1997

Increase of Capital

30.051

348.587

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

CUÑADO AZCARATE CARLOS DAVID

03/11/2014

MEMBER OF THE BOARD

CUÑADO AZCARATE CARLOS DAVID

03/11/2014

BARRANCO ALCOLEA ANGEL LUIS

03/11/2014

SANTOS HERRERA JUAN CARLOS

03/11/2014

JOINT CHIEF EXECUTIVE OFFICER

BARRANCO ALCOLEA ANGEL LUIS

03/11/2014

CUÑADO AZCARATE CARLOS DAVID

03/11/2014

PROXY

GOMEZ RUIZ PEDRO JULIO

29/05/2012

NON CONSELLOR SECRETARY

GOMEZ RUIZ PEDRO JULIO

03/11/2014

ACCOUNTS' AUDITOR / HOLDER

CANAL IRANZO & ASOCIADOS SL

07/11/2011

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BARRANCO ALCOLEA ANGEL LUIS

MEMBER OF THE BOARD

03/11/2014

JOINT CHIEF EXECUTIVE OFFICER

03/11/2014

BUENO PALACIO JORGE

ACCOUNTS' AUDITOR / HOLDER

19/01/1994

CANAL IRANZO & ASOCIADOS SL

ACCOUNTS' AUDITOR / HOLDER

17/09/2003

ACCOUNTS' AUDITOR / HOLDER

18/09/2003

ACCOUNTS' AUDITOR / HOLDER

19/09/2003

ACCOUNTS' AUDITOR / HOLDER

17/01/2000

ACCOUNTS' AUDITOR / HOLDER

27/09/2005

ACCOUNTS' AUDITOR / HOLDER

15/09/2006

ACCOUNTS' AUDITOR / HOLDER

01/10/2007

ACCOUNTS' AUDITOR / HOLDER

12/11/2003

ACCOUNTS' AUDITOR / HOLDER

13/09/2004

ACCOUNTS' AUDITOR / HOLDER

22/10/2008

ACCOUNTS' AUDITOR / HOLDER

07/11/2011

CASAS HERRANZ JOSE LUIS

MEMBER OF THE BOARD

26/06/1997

MEMBER OF THE BOARD

19/06/1998

MEMBER OF THE BOARD

17/07/1992

CERON BARBARRUSA ANGEL

MEMBER OF THE BOARD

17/07/1992

MEMBER OF THE BOARD

26/06/1997

CERON BARBARUSA ANGEL

PROXY

22/11/1994

COOPERS AND LYBRAND SA

ACCOUNTS' AUDITOR / HOLDER

17/01/2000

CUÑADO ALONSO FLORENCIO

MEMBER OF THE BOARD

17/07/1992

CUÑADO ALONSO MAXIMO

MEMBER OF THE BOARD

17/07/1992

MEMBER OF THE BOARD

26/06/1997

MEMBER OF THE BOARD

19/06/1998

MEMBER OF THE BOARD

09/10/2003

MEMBER OF THE BOARD

29/02/2008

MEMBER OF THE BOARD

07/06/2013

JOINT CHIEF EXECUTIVE OFFICER

26/06/1997

JOINT CHIEF EXECUTIVE OFFICER

19/06/1998

JOINT CHIEF EXECUTIVE OFFICER

09/10/2003

JOINT CHIEF EXECUTIVE OFFICER

29/02/2008

JOINT CHIEF EXECUTIVE OFFICER

07/06/2013

PRESIDENT

26/06/1997

PRESIDENT

19/06/1998

PRESIDENT

09/10/2003

PRESIDENT

29/02/2008

PRESIDENT

07/06/2013

CUÑADO AZCARATE CARLOS DAVID

MEMBER OF THE BOARD

29/02/2008

MEMBER OF THE BOARD

29/08/2013

MEMBER OF THE BOARD

03/11/2014

JOINT CHIEF EXECUTIVE OFFICER

07/06/2013

JOINT CHIEF EXECUTIVE OFFICER

29/08/2013

JOINT CHIEF EXECUTIVE OFFICER

03/11/2014

PRESIDENT

29/08/2013

PRESIDENT

03/11/2014

DE BENITO FERNANDEZ JAVIER

PROXY

20/10/1994

GALAN RODRIGUEZ ANTONIO

MEMBER OF THE BOARD

17/07/1992

MEMBER OF THE BOARD

26/06/1997

MEMBER OF THE BOARD

19/06/1998

MEMBER OF THE BOARD

09/10/2003

PROXY

17/05/2012

JOINT CHIEF EXECUTIVE OFFICER

26/06/1997

JOINT CHIEF EXECUTIVE OFFICER

19/06/1998

JOINT CHIEF EXECUTIVE OFFICER

09/10/2003

SECRETARY

26/06/1997

SECRETARY

19/06/1998

SECRETARY

09/10/2003

SECRETARY

03/11/2014

GUTIERREZ SANCHEZ ROBERTO

PROXY

07/11/2003

MEMBER OF THE BOARD

10/12/2012

JOINT CHIEF EXECUTIVE OFFICER

10/12/2012

PROXY

05/08/2013

PROXY

04/11/2004

JUAREZ DE LA CRUZ FRANCISCO JAVIER

MEMBER OF THE BOARD

29/02/2008

JOINT CHIEF EXECUTIVE OFFICER

29/02/2008

MEMBER OF THE BOARD

19/06/1998

MEMBER OF THE BOARD

09/10/2003

MEMBER OF THE BOARD

26/06/1997

MEMBER OF THE BOARD

17/07/1992

JOINT CHIEF EXECUTIVE OFFICER

27/12/2010

MEMBER OF THE BOARD

27/12/2010

PROXY

23/02/2012

LIRANZO PRADA CIA

DEPUTY ACCOUNTS' AUDITOR

19/01/1994

SANTOS JUAN CARLOS

MEMBER OF THE BOARD

03/11/2014

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.

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 42.37of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

Positive Working CapitalThe 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.

It has no yield from its main operating activityThis might deteriorate its financial situation. Moreover, this productivity has decreased with respect to the previous fiscal year.

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

No Company's subsidiaries or branches are known.

Private consumption continues to have, in spite of some signs of improvement, very low rates , thus showing great weakness.

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: 2.731 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

466 Wholesale of other machinery, equipment and supplies

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 54.00% of the companies of the sector CUÑADO INTERNACIONAL SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 2.731%.

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

IS RELATED WITH:

4 Entities

PARTICIPATES IN:

10 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CEMIDE SL

MADRID

94.83

PARTICIPATES IN

CUÑADO ARGENTINA, S.A.

67.5

CUÑADO MEXICO, SOCIEDAD ANONIMA, DE CV

COMERCIAL DE TUBOS E ACESSSORIOS LDA ( PORTUGAL)

99.16

CUÑADO INTERCONTINENTAL, SOCIEDAD ANONIMA, ( CHILE)

ITF INC ( EEUU)

100

CUÑADO PERU

CUÑADO COLOMBIA SAS

RAGEN, S.A.

0.01

SHANGHAI CAC COMMERCIAL CO SOCIEDAD ANONIMA

100

CUÑADO INTERNATIONAL ASIA, SOCIEDAD ANONIMA, HONG KONG

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

PLENIDO SA

MADRID

VECTOR&WELLHEADS ENGINEERING SL

ZARAGOZA

LAZORA SII SA

MADRID

PEGASO RAIL INTERNATIONAL SA

MADRID

Turnover

Total Sales 2014

2.000.000

The sales data is from the latest available financial statements in . Failing that, are estimates data calculated by statistical methods.

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

December 2014

2012

Normales

March 2014

2011

Normales

May 2013

2010

Normales

January 2012

2009

Normales

October 2010

2008

Normales

December 2009

2007

Normales

September 2008

2006

Normales

November 2007

2005

Normales

October 2006

2004

Normales

September 2005

2003

Normales

November 2004

2002

Normales

November 2003

2001

Normales

September 2003

2000

Normales

October 2001

1999

Normales

December 2000

1998

Normales

September 1999

1997

Normales

October 1998

1996

Normales

December 1997

1995

Normales

October 1996

1994

Normales

September 1995

1993

Normales

February 1995

1992

Normales

September 1993

1991

Normales

September 1992

1990

Normales

February 1992

1989

Normales

September 1990

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

> Normal format Balance in accordance with the New Accounting Plan 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, created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

2.896.416,00

2.644.057,00

779.476,00

674.397,00

I. Intangible fixed assets : 11100

0,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

0,00

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

0,00

23.303,00

10.377,00

7.249,00

1. Land and buildings: 11210

0,00

2. Technical installations and other tangible fixed assets: 11220

0,00

23.303,00

10.377,00

7.249,00

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

2.894.813,00

2.618.451,00

767.496,00

665.545,00

1. Equity instruments: 11410

2.894.813,00

2.618.451,00

767.496,00

665.545,00

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

1.603,00

2.303,00

1.603,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

1.603,00

2.303,00

1.603,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

14.278.797,00

18.777.325,00

33.026.795,00

42.419.989,00

15.383.871,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

66.108,00

278.865,00

55.151,00

1.606.706,00

0,00

1. Commercial: 12210

66.108,00

278.865,00

37.906,00

39.982,00

0,00

2. Primary material and other supplies: 12220

0,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

17.245,00

1.566.725,00

0,00

III. Trade debtors and others receivable accounts: 12300

541.198,00

6.391.098,00

29.962.061,00

39.593.180,00

12.688.333,00

1. Trade debtors / accounts receivable: 12310

32.554,00

4.569.976,00

26.323.419,00

36.988.917,00

6.158.719,00

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

0,00

b) Customers for sales and provisions of services : 12312

32.554,00

4.569.976,00

26.323.419,00

36.988.917,00

6.158.719,00

2. Customers, Group companies and associates : 12320

506.949,00

898.318,00

3.102.588,00

2.423.098,00

6.527.919,00

3. Other accounts receivable: 12330

1.695,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

0,00

84.919,00

0,00

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

0,00

836.189,00

534.358,00

179.470,00

0,00

7. Called up share capital: 12370

0,00

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

11.893.716,00

10.142.654,00

983.787,00

112.168,00

2.417.626,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

68.955,00

236.049,00

962.916,00

112.168,00

151.752,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

11.824.762,00

9.906.604,00

20.871,00

0,00

2.265.874,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

1.067,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

1.067,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.777.775,00

1.964.708,00

2.025.796,00

1.106.868,00

277.912,00

1. Treasury: 12710

1.777.775,00

1.964.708,00

2.025.796,00

1.106.868,00

277.912,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

17.175.213,00

21.673.741,00

35.670.852,00

43.199.464,00

16.058.267,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

9.898.129,00

6.489.770,00

4.056.578,00

A-1) Shareholders' equity: 21000

9.831.267,00

6.422.907,00

3.989.716,00

I. Capital: 21100

348.580,00

1. Registered capital : 21110

348.580,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

66.111,00

III. Reserves: 21300

9.416.576,00

6.008.216,00

3.575.024,00

1.777.402,00

1. Legal and statutory: 21310

69.716,00

2. Other reserves: 21320

9.346.860,00

5.938.500,00

3.505.308,00

1.707.686,00

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

0,00

3.408.360,00

2.433.192,00

1.797.622,00

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

66.863,00

B) NON-CURRENT LIABILITIES: 31000

0,00

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

0,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

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

7.277.084,00

11.775.611,00

25.772.722,00

36.709.694,00

12.001.689,00

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

0,00

II. Short-term provisions: 32200

6.978.809,00

5.807.258,00

8.008.059,00

8.465.479,00

6.488.010,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

6.978.809,00

0,00

III. Short-term creditors : 32300

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

0,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

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

0,00

2.934.086,00

0,00

V. Trade creditors and other accounts payable: 32500

298.274,00

5.968.353,00

17.764.663,00

25.310.129,00

5.513.678,00

1. Suppliers: 32510

190.005,00

1.303.601,00

11.509.124,00

16.779.535,00

4.607.526,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

190.005,00

1.303.601,00

11.509.124,00

16.779.535,00

4.607.526,00

2. Suppliers, Group companies and associates: 32520

434,00

4.512.129,00

5.451.308,00

5.554.626,00

140.941,00

3. Other creditors: 32530

86.112,00

103.432,00

182.593,00

160.059,00

226.133,00

4. Personnel (remuneration due): 32540

8.687,00

3.479,00

25.641,00

29.545,00

24.408,00

5. Liabilities for current tax: 32550

0,00

623.723,00

743.045,00

486.544,00

6. Other accounts payable to Public Administrations.: 32560

13.038,00

4.065,00

59.909,00

45.841,00

24.926,00

7. Advances from clients: 32570

0,00

41.648,00

-87.635,00

1.997.478,00

3.200,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

17.175.213,00

21.673.741,00

35.670.852,00

43.199.464,00

16.058.267,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

1.981.713,00

19.957.326,00

77.059.478,00

82.150.500,00

30.464.970,00

a) Sales: 40110

1.819.227,00

19.246.800,00

76.925.205,00

79.983.401,00

30.317.181,00

b) Rendering of services: 40120

162.486,00

710.526,00

134.273,00

2.167.100,00

147.790,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-1.609.759,00

-13.104.008,00

-68.192.794,00

-76.632.284,00

-26.373.859,00

a) Stock consumption: 40410

-1.609.759,00

-13.104.008,00

-68.192.794,00

-76.632.284,00

-26.373.859,00

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

0,00

c) Works carried out by other companies: 40430

0,00

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

0,00

5. Other operating income: 40500

2.483.837,00

0,00

1.091.685,00

a) Auxiliary income and other from current management: 40510

2.483.837,00

0,00

1.091.685,00

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

0,00

6. Personnel costs: 40600

-271.087,00

-262.104,00

-1.301.251,00

-1.060.156,00

-985.230,00

a) Wages, salaries et al.: 40610

-221.359,00

-215.489,00

-1.092.334,00

-893.267,00

-823.117,00

b) Social security costs: 40620

-49.728,00

-46.615,00

-208.917,00

-166.889,00

-162.112,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-5.997.256,00

-6.405.638,00

-3.256.183,00

-1.313.433,00

-543.478,00

a) External services: 40710

-5.745.259,00

-6.300.726,00

-2.332.177,00

-1.303.818,00

-1.107.925,00

b) Taxes: 40720

-1.748,00

-1.766,00

-1.981,00

-1.838,00

-2.036,00

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

718.933,00

-26.417,00

-692.135,00

-7.462,00

566.570,00

d) Other current management expenditure : 40740

-969.181,00

-76.729,00

-229.890,00

-314,00

-87,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

0,00

-6.777,00

-4.349,00

-4.092,00

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

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

-3.412.552,00

185.576,00

4.302.474,00

3.140.278,00

3.649.996,00

14. Financial income : 41400

3.604.246,00

28,00

23,00

252,00

4.506,00

a) Of shares in equity instruments : 41410

3.604.240,00

0,00

a 1) In Group companies and associates: 41411

3.604.240,00

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

6,00

28,00

23,00

252,00

4.506,00

b 1) From Group companies and associates : 41421

0,00

28,00

0,00

b 2) From third parties : 41422

6,00

0,00

23,00

252,00

4.506,00

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

0,00

15. Financial expenditure: 41500

-120.848,00

-159.311,00

-221.427,00

-219.894,00

-120.340,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-120.848,00

-159.311,00

-221.427,00

-219.894,00

-120.340,00

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

-70.845,00

-175.519,00

785.021,00

575.986,00

-848.291,00

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

0,00

149.226,00

2.995,00

-21.059,00

-123.949,00

a) Impairment and losses : 41810

0,00

149.226,00

2.995,00

101.951,00

-123.949,00

b) Results for transfers and other : 41820

0,00

-123.010,00

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

3.412.552,00

-185.576,00

566.612,00

335.285,00

-1.088.074,00

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

0,00

4.869.085,00

3.475.563,00

2.561.922,00

20. Income taxes: 41900

0,00

-1.460.726,00

-1.042.371,00

-764.300,00

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

0,00

3.408.360,00

2.433.192,00

1.797.622,00

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

0,00

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

0,00

3.408.360,00

2.433.192,00

1.797.622,00

> 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, created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.896.416,00

2.644.057,00

779.476,00

674.397,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

0,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

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:

0,00

23.303,00

10.377,00

7.249,00

1. Land and construction:

0,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

0,00

1.108,00

493,00

345,00

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

0,00

5. Other tangible assets:

0,00

22.195,00

9.884,00

6.904,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

2.896.416,00

2.620.754,00

769.099,00

667.148,00

1. Equity investments in group companies:

2.894.813,00

2.618.451,00

767.496,00

665.545,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

1.603,00

2.303,00

1.603,00

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:

14.278.797,00

18.777.325,00

33.026.795,00

42.419.989,00

15.383.871,00

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

0,00

II. Stocks:

66.108,00

278.865,00

55.151,00

1.606.706,00

0,00

1. Goods for resale:

66.108,00

278.865,00

37.906,00

39.982,00

0,00

2. Raw materials and other consumables:

0,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

17.245,00

1.566.725,00

0,00

7. Provisions:

0,00

III. Debtors:

541.198,00

6.391.098,00

29.962.061,00

39.593.180,00

12.688.333,00

1. Trade debtors / accounts receivable:

32.554,00

4.569.976,00

26.323.419,00

36.988.917,00

6.158.719,00

2. Accounts receivable, Group companies:

506.949,00

898.318,00

3.102.588,00

2.423.098,00

6.527.919,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

1.695,00

5. Staff:

0,00

6. Public bodies:

0,00

921.109,00

534.358,00

179.470,00

0,00

7. Provisions:

0,00

IV. Short-term investments:

11.893.716,00

10.142.654,00

983.787,00

113.235,00

2.417.626,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

68.955,00

236.049,00

962.916,00

112.168,00

151.752,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

11.824.762,00

9.906.604,00

20.871,00

0,00

2.265.874,00

7. Shor term guarantees and deposits:

0,00

1.067,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.777.775,00

1.964.708,00

2.025.796,00

1.106.868,00

277.912,00

VII. Prepayments and accrued income:

0,00

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

17.175.213,00

21.673.741,00

35.670.852,00

43.199.464,00

16.058.267,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

9.851.326,00

6.442.966,00

4.009.774,00

I. Subscribed capital:

348.580,00

II. Share premium:

66.111,00

III. Revaluation reserves:

0,00

IV. Reserves:

9.436.634,00

6.028.275,00

3.595.083,00

1.797.461,00

1. Legal reserve:

69.716,00

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:

9.365.626,00

9.365.623,00

5.957.733,00

3.524.877,00

1.727.504,00

Differences due to capital adjustement to euros:

1.292,00

1.295,00

826,00

490,00

242,00

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:

0,00

3.408.360,00

2.433.192,00

1.797.622,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

46.804,00

1. Capital grants:

46.804,00

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:

0,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

0,00

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:

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:

7.277.084,00

11.775.611,00

25.772.722,00

36.709.694,00

12.001.689,00

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:

0,00

1. Loans and other liabilities:

0,00

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:

434,00

4.512.129,00

5.451.308,00

8.488.712,00

140.941,00

1. Amounts owed to group companies:

434,00

4.512.129,00

5.451.308,00

8.488.712,00

140.941,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

276.116,00

1.448.680,00

11.604.082,00

18.937.072,00

4.836.860,00

1. Advanced payments from customers:

0,00

41.648,00

-87.635,00

1.997.478,00

3.200,00

2. Amounts owed for purchases of goods or services:

276.116,00

1.407.033,00

11.691.717,00

16.939.594,00

4.833.659,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

21.724,00

7.544,00

709.273,00

818.431,00

535.878,00

1. Public bodies:

13.038,00

4.065,00

683.631,00

788.886,00

511.470,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

4. Wages and salaries payable:

8.687,00

3.479,00

25.641,00

29.545,00

24.408,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

6.978.809,00

5.807.258,00

8.008.059,00

8.465.479,00

6.488.010,00

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):

17.175.213,00

21.673.741,00

35.670.852,00

43.199.464,00

16.058.267,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

8.069.796,00

19.957.354,00

74.436.162,00

80.293.546,00

29.763.539,00

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

0,00

A.2. Supplies:

1.609.759,00

13.104.008,00

68.192.794,00

76.632.284,00

26.373.859,00

a) Stock consumption:

1.609.759,00

13.104.008,00

68.192.794,00

76.632.284,00

26.373.859,00

b) Consumption of raw materials and miscellaneous consumable ones:

0,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

271.087,00

262.104,00

1.301.251,00

1.060.156,00

985.230,00

a) Wages, salaries et al.:

221.359,00

215.489,00

1.092.334,00

893.267,00

823.117,00

b) Social security costs:

49.728,00

46.615,00

208.917,00

166.889,00

162.112,00

A.4. Depreciation expense:

0,00

6.777,00

4.349,00

4.092,00

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

-718.933,00

26.417,00

692.135,00

7.462,00

-566.570,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

-718.933,00

26.417,00

692.135,00

7.462,00

-566.570,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

6.716.189,00

6.379.221,00

2.564.048,00

1.305.971,00

1.110.048,00

a) External services:

5.745.259,00

6.300.726,00

2.332.177,00

1.303.818,00

1.107.925,00

b) Taxes:

1.748,00

1.766,00

1.981,00

1.838,00

2.036,00

c) Other operating expenses:

969.181,00

76.729,00

229.890,00

314,00

87,00

d) Allocation to revision fund:

0,00

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

0,00

185.576,00

4.302.474,00

3.140.278,00

3.649.996,00

A.7. Financial and similar charges:

120.848,00

-711.902,00

203.943,00

342.841,00

120.417,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

120.848,00

159.311,00

221.427,00

219.894,00

120.340,00

d) Losses from financial investments:

0,00

-871.213,00

-17.484,00

122.947,00

77,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

70.845,00

175.519,00

0,00

848.291,00

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

3.412.552,00

536.412,00

581.100,00

233.397,00

0,00

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

0,00

721.987,00

4.883.574,00

3.373.675,00

2.685.794,00

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

0,00

721.987,00

14.489,00

-101.888,00

123.872,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

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

0,00

101.888,00

0,00

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

0,00

4.869.085,00

3.475.563,00

2.561.922,00

A.15. Corporation tax:

0,00

1.460.726,00

1.042.371,00

764.300,00

A.16. Miscellaneous taxes:

0,00

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

0,00

3.408.360,00

2.433.192,00

1.797.622,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

8.069.796,00

19.957.354,00

77.844.522,00

82.726.738,00

31.561.161,00

B.1. Net total sales:

1.981.713,00

19.957.326,00

77.059.478,00

82.150.500,00

30.464.970,00

a) Sales:

1.819.227,00

19.246.800,00

76.925.205,00

79.983.401,00

30.317.181,00

b) Rendering of services:

162.486,00

710.526,00

134.273,00

2.167.100,00

147.790,00

Returns and Rappel on sales:

0,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

2.483.837,00

0,00

1.091.685,00

a) Auxiliary income and other from current management:

2.483.837,00

0,00

1.091.685,00

b) Grants:

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):

3.412.552,00

0,00

B.5. Income from equity investment:

3.604.240,00

0,00

a) In companies of the group:

3.604.240,00

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

2,00

0,00

6,00

62,00

1.105,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

2,00

0,00

6,00

62,00

1.105,00

B.7. Miscellaneous interests or similar income:

5,00

28,00

17,00

190,00

3.401,00

a) From companies of the group:

0,00

28,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

5,00

0,00

17,00

190,00

3.401,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

785.021,00

575.986,00

0,00

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

0,00

964.202,00

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:

0,00

B.12. Extraordinary income:

0,00

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

721.987,00

14.489,00

0,00

123.872,00

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

0,00

4.869.085,00

3.475.563,00

2.561.922,00

2. Results adjustments.: 61200

-3.412.552,00

185.576,00

-559.835,00

-330.936,00

1.092.166,00

a) Fixed Assets Amortization (+).: 61201

0,00

6.777,00

4.349,00

4.092,00

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

0,00

-149.226,00

-2.995,00

-101.951,00

123.949,00

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

0,00

123.010,00

0,00

g) Financial income (-).: 61207

-3.604.246,00

-28,00

-23,00

-252,00

-4.506,00

h) Financial Expenses (+). : 61208

120.848,00

159.311,00

221.427,00

219.894,00

120.340,00

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

70.845,00

175.519,00

-785.021,00

-575.986,00

848.291,00

3. Changes in current capital equity.: 61300

1.479.210,00

10.058.780,00

3.300.177,00

-7.117.145,00

-745.179,00

a) Stock (+/-).: 61301

212.757,00

-223.714,00

1.551.555,00

-1.606.706,00

3.052.929,00

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

5.764.981,00

23.655.882,00

9.632.186,00

-27.027.857,00

8.726.720,00

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

-5.670.079,00

-11.172.588,00

-7.426.144,00

19.539.950,00

-12.492.347,00

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

1.171.551,00

-2.200.801,00

-457.419,00

1.977.468,00

-32.481,00

4. Other cash flows for operating activities.: 61400

-106.768,00

-1.043.444,00

-1.016.431,00

-429.526,00

-1.491.668,00

a) Interest payments (-). : 61401

-120.848,00

-159.311,00

-221.427,00

-219.894,00

-120.340,00

c) Interest collection (+). : 61403

6,00

28,00

23,00

252,00

4.506,00

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

84.919,00

-708.642,00

-1.580.048,00

-785.870,00

-527.542,00

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

-70.845,00

-175.519,00

785.021,00

575.986,00

-848.291,00

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

-2.040.110,00

9.200.912,00

6.592.996,00

-4.402.044,00

1.417.242,00

6. Payments for investment (-).: 62100

0,00

-9.286.003,00

-2.741.049,00

2.296.914,00

-2.268.897,00

a) Companies of the group and affiliates. : 62101

0,00

-9.286.003,00

-2.720.646,00

2.305.458,00

0,00

c) Fixed assets. : 62103

0,00

-19.703,00

-7.477,00

-1.151,00

e) Other financial assets. : 62105

0,00

-700,00

-1.067,00

-2.267.746,00

7. Divestment payment collection (+). : 62200

1.853.178,00

24.003,00

1.067,00

0,00

a) Companies of the group and affiliates. : 62201

1.853.178,00

0,00

c) Fixed assets. : 62203

0,00

23.303,00

0,00

e) Other financial assets. : 62205

0,00

700,00

0,00

h) Other assets. : 62208

0,00

1.067,00

0,00

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

1.853.178,00

-9.262.000,00

-2.739.982,00

2.296.914,00

-2.268.897,00

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

0,00

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

0,00

-2.934.086,00

2.934.086,00

-977.064,00

a) Issuance : 63201

0,00

2.934.086,00

0,00

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

0,00

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

0,00

2.934.086,00

0,00

b) Repayment and amortization of : 63207

0,00

-2.934.086,00

0,00

-977.064,00

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

0,00

-2.934.086,00

0,00

-79.000,00

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

0,00

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

0,00

-2.934.086,00

2.934.086,00

-977.064,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

-186.933,00

-61.088,00

918.928,00

828.956,00

-1.828.720,00

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

1.964.708,00

2.025.796,00

1.106.868,00

277.912,00

2.106.631,00

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

1.777.775,00

1.964.708,00

2.025.796,00

1.106.868,00

277.912,00

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:

-0,09 %

0,01 %

0,00 %

0,01 %

100,72 %

EBITDA over Sales:

-172,20 %

11,38 %

0,93 %

9,03 %

-18.619,09 %

26,06 %

Cash Flow Yield:

-0,01 %

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

-143,08 %

6,94 %

2,15 %

4,97 %

-6.757,34 %

39,83 %

Total economic profitability:

0,70 %

3,82 %

0,74 %

2,32 %

-4,27 %

64,71 %

Financial profitability:

0,00 %

4,40 %

0,00 %

0,85 %

419,57 %

Margin:

-76,42 %

6,75 %

0,93 %

4,64 %

-8.318,37 %

45,35 %

Mark-up:

0,00 %

4,58 %

0,00 %

1,24 %

268,62 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

5,96

0,13

0,33

0,12

1.710,58

13,63

Acid Test:

47,65

0,86

3,10

0,85

1.437,37

1,04

Working Capital / Investment:

0,41

0,05

0,32

0,03

26,19

83,39

Solvency:

47,87

1,18

3,15

1,18

1.421,59

0,06

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,03

1,38

0,60

1,62

-95,00

-15,06

Borrowing Composition:

0,00

1,00

0,00

1,02

-2,52

Repayment Ability:

-1,60

93,15

-97,70

196,74

98,37

-52,66

Warranty:

57,58

1,73

3,63

1,62

1.485,65

6,87

Generated resources / Total creditors:

0,00

0,08

-0,03

0,07

100,00

27,23

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

-11,59

1,87

1,71

-778,47

9,49

Turnover of Collection Rights :

8,25

5,05

3,12

4,78

164,24

5,68

Turnover of Payment Entitlements:

25,50

3,66

3,27

3,51

680,20

4,35

Stock rotation:

119,17

7,32

70,90

6,47

68,08

13,13

Assets turnover:

1,87

1,03

2,31

1,07

-18,99

-3,80

Borrowing Cost:

40,52

2,86

2,67

2,95

1.417,87

-3,26

> 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:

-0,09 %

0,00 %

0,01 %

-6,00 %

EBITDA over Sales:

-172,20 %

0,93 %

5,59 %

3,83 %

11,99 %

Cash Flow Yield:

-0,01 %

0,00 %

0,03 %

0,02 %

-11,39 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

-143,08 %

2,15 %

13,42 %

7,42 %

28,13 %

Total economic profitability:

0,70 %

0,74 %

14,27 %

8,55 %

16,70 %

Financial profitability:

0,00 %

34,67 %

37,88 %

45,06 %

Margin:

-76,42 %

0,93 %

5,58 %

3,82 %

11,57 %

Mark-up:

0,00 %

6,32 %

4,23 %

8,12 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

5,96

0,33

0,11

0,04

0,05

Acid Test:

47,65

3,10

1,86

1,45

2,79

Working Capital / Investment:

0,41

0,32

0,20

0,13

0,61

Solvency:

47,87

3,15

1,86

1,50

2,79

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,03

0,60

1,79

4,35

1,36

Borrowing Composition:

0,00

Repayment Ability:

-1,60

-97,70

19,33

34,07

1,51

Warranty:

57,58

3,63

2,01

1,53

2,91

Generated resources / Total creditors:

0,00

-0,03

0,19

0,09

0,35

Efficiency

2013

2012

2011

2010

2009

Productivity:

-11,59

1,71

4,31

3,97

4,71

Turnover of Collection Rights :

8,25

3,12

2,57

2,07

2,49

Turnover of Payment Entitlements:

25,50

3,27

4,02

3,08

4,88

Stock rotation:

119,17

70,90

1.319,23

49,18

Assets turnover:

1,87

2,31

2,40

1,94

2,43

Borrowing Cost:

40,52

2,67

1,25

0,78

2,18

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.

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.63.57
UK Pound	1	Rs.99.20
Euro	1	Rs.70.35

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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.

4MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Research Summary

Sources

Unit