MIRA INFORM REPORT

Report No. :	325287
Report Date :	01.06.2015

IDENTIFICATION DETAILS

Name :	MONDI IBERSAC SOCIEDAD LIMITADA
Registered Office :	C/ La Perenal, 4. - Gueñes - 48840 - Vizcaya
Country :	Spain
Financials (as on) :	31.12.2013
Date of Incorporation :	11.12.1981
Legal Form :	Public Company
Line of Business :	Manufacture of plastic packing goods.
No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	Euro 495.000
Status :	Satisfactory
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Spain	A2	A1

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:	MONDI IBERSAC SOCIEDAD LIMITADA
NIF / Fiscal code:	B28732972
Status:	ACTIVE
Incorporation Date:	11/12/1981
Register Data	Register Section 8 Sheet 2521
Last Publication in BORME:	08/05/2015 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	5.800.000
Localization:	C/ LA PERENAL, 4. - GUEÑES - 48840 - VIZCAYA
Telephone - Fax - Email - Website:	Telephone. 946 690 700 Website. www.mondigroup.com
Number of Branches	1
Activity:
NACE:	2222 - Manufacture of plastic packing goods
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	3 for a total cost of 80784
Quality Certificate:	No
Maximum recommended commercial credit:	495.000
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	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

MONDI AG	100 %
Shares:	0
Other Links:	15
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees YES
INVESTIGATION SUMMARY
The company was set up several years ago, which provide it with enough experience in its sector of activity. It has a good commercial reputation among the sources of information. Its turnover has been increased by 3,24 % in 2013, compared to 2012. The company complies with its payment obligations.

Enquiry Details
Business address regime:	Owned

Identification
Social Denomination:	MONDI IBERSAC SOCIEDAD LIMITADA
NIF / Fiscal code:	B28732972
Corporate Status:	ACTIVE
Start of activity:	1990
Registered Office:	C/ LA PERENAL, 4.
Locality:	GUEÑES
Province:	VIZCAYA
Postal Code:	48840
Telephone:	946 690 700
Fax:	946 690 856
Website:	www.mondigroup.com

Branch Offices

Address	Postal Code	City	Province
Av. Cal Rubió, 42	08730	SANTA MARGARIDA I ELS MONJOS	BARCELONA

Activity
NACE:	2222
Additional Information:	The company is engaged in the manufacture of open mouth bags (also with PE), pinch bottom, SOS and valve sacks for the market of human consumption, animal feed, chemicals, minerals, etc. It belongs to the GRUPO MONDI
Additional Address:	C/ LA PERENAL, 4 48840 GÜENES (VIZCAYA), registered office, factory, offices and warehouse, owned.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989)
	1991	Accounts deposit (year 1990)
	1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1993	Accounts deposit (year 1992) Appointments/ Re-elections (17) Cessations/ Resignations/ Reversals (3)
	1994	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1995	Accounts deposit (year 1993, 1994) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (8) Change of Social Denomination (1) Change of Social address (1)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1999	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
	2000	Accounts deposit (year 1998, 1999)
	2001	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2002	Accounts deposit (year 2000, 2001)
	2003	Accounts deposit (year 2002)
	2004	Appointments/ Re-elections (2)
	2005	Accounts deposit (year 2003) Appointments/ Re-elections (1)
	2006	Accounts deposit (year 2004) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Statutory Modifications (1)
	2007	Capital Reduction (1)
	2008	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (4) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2010	Accounts deposit (year 2007, 2008) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (4) Change of Social Denomination (1) Change of Social address (2) Declaration of Sole Propietorship (2) Increase of Capital (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
	2011	Accounts deposit (year 2009) Appointments/ Re-elections (9)
	2012	Accounts deposit (year 2010, 2011) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (2) Capital Reduction (2) Cessations/ Resignations/ Reversals (1) Company Transformation (3) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2015	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	5.800.000
Paid up capital:	5.800.000

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
22/11/1999	Increase of Capital	60.101	60.101	6.971.740	6.971.740
27/05/2008	Capital Reduction	-6.711.663	-6.711.663	259.937	259.937
27/05/2008	Increase of Capital	7.999.263	7.999.263	8.259.200	8.259.200
19/05/2010	Increase of Capital	1.020.800	1.020.800	9.280.000	9.280.000
19/05/2010	Increase of Capital	4.500.800	4.500.800	13.780.800	13.780.800
13/11/2013	Capital Reduction	-7.980.800	-7.980.800	5.800.000	5.800.000

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	MONDI INDUSTRIAL BAGS BV	15/02/2013	1
PRESIDENT	FEDALTO CLAUDIO	24/04/2015	2
VICE CHAIRMAN	MORINI ANDREA	13/11/2013	10
MEMBER OF THE BOARD	KITZBICHLER ANGELIKA	24/04/2015	1
	FEDALTO CLAUDIO	24/04/2015	2
	MORINI ANDREA	13/11/2013	10
	OTT THOMAS	13/11/2013	4
PROXY	FERNANDEZ FERNANDEZ ANA ROSA	01/04/2014	1
	ELORRIAGA IBARRECHE LUIS	17/10/2013	11
	MARTINEZ GENTO RAQUEL	17/10/2013	7
	ARRUBE LEANIZBEASKOA RAMON	17/10/2013	2
	ESTUPIÑAN QUINTANA ELENA	17/10/2013	2
	PADILLA CABRERA MANUEL FIDEL	17/10/2013	2
	LOSCERTALES LALANA LUIS	17/10/2013	3
	ESNAL NIETO ARKAITZ	17/10/2013	2
	ALBENDEA OLARTECOECHEA JOSU	17/10/2013	2
	MORINI ANDREA	17/10/2013	10
NON CONSELLOR SECRETARY	BILBAO MANCISIDOR IÑIGO	13/11/2013	2
NON CONSELLOR ASSISTANT SECRETARY	PEREZ AMALLOBIETA ADAN	13/11/2013	2
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SOCIEDAD LIMITADA	24/04/2015	4

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ADAMATI FEDERICO	PROXY	01/04/2014	1
ADAMATI GIAN FEDERICO ENRICO	PROXY	17/10/2013	1
ALBENDEA OLARTECOECHEA JOSU	PROXY	17/10/2013	2
ALBIZU URIONABARRENECHEA PEDRO MARIA	MEMBER OF THE BOARD	05/07/2010	2
	PRESIDENT	05/07/2010
ALITTI PHILIPPE LAURENT CLAUDE RENE	PROXY	14/05/2010	1
ALVAREZ GONZALEZ ALFREDO	PROXY	20/11/1995	1
ANTON GOROSTIDI JOSE LUIS	PROXY	20/07/1993	1
ARRUBE LEANIZBEASKOA RAMON	COMBINED PROXY	17/10/2013	2
BAÑOS URIBARRI JUAN ANTONIO	PROXY	26/04/2012	1
BILBAO GOITIA ASIER	JOINT ATTORNEY/COMBINED PROXY	26/04/2012	2
	JOINT ATTORNEY/COMBINED PROXY	01/08/2011
BILBAO GOTIA ASIER	COMBINED PROXY	26/04/2012	3
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
BILBAO MANCISIDOR IÑIGO	NON CONSELLOR SECRETARY	13/11/2013	2
BUCKLEY PETER JOSEPH	SINGLE ADMINISTRATOR	02/10/1998	2
	SINGLE ADMINISTRATOR	06/11/2001
CASTRO GALUAN JOSE LUIS	PROXY	20/11/1995	1
CIMAS GONZALEZ FELIX	JOINT ATTORNEY/COMBINED PROXY	14/05/2010	3
	MEMBER OF THE BOARD	05/07/2010
	JOINT ATTORNEY	01/02/2008
CORDOBA CEREZO VICTOR JAVIER	PROXY	31/03/2010	5
	SINGLE ADMINISTRATOR	06/11/2001
	PROXY	24/12/2004
	SINGLE ADMINISTRATOR	02/11/2006
	JOINT ATTORNEY	01/02/2008
DELOITTE SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	24/04/2015	4
	ACCOUNTS' AUDITOR / HOLDER	30/07/2011
	ACCOUNTS' AUDITOR / HOLDER	19/06/2014
DOMINGUEZ RUIZ CASTROVIEJO FRANCISCO	PROXY	31/03/2010	1
DURAND MICHEL	SINGLE ADMINISTRATOR	20/07/1993	1
ECHARRI ARDANAZ ALBERTO	SECRETARY	05/07/2010	1
ELORRIAGA IBARRECHE LUIS	JOINT ATTORNEY	01/02/2008	11
	COMBINED PROXY	17/10/2013
	JOINT ATTORNEY/COMBINED PROXY	26/04/2012
	JOINT ATTORNEY/COMBINED PROXY	01/08/2011
	MEMBER OF THE BOARD	05/07/2010
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
ERNST & YOUNG SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	01/02/2008	3
	ACCOUNTS' AUDITOR / HOLDER	16/02/2005
	ACCOUNTS' AUDITOR / HOLDER	03/02/2006
ESNAL NIETO ARKAITZ	COMBINED PROXY	17/10/2013	2
ESTUPIÑAN QUINTANA ELENA	COMBINED PROXY	17/10/2013	2
FERNANDEZ CRISTOBAL JAVIER	PROXY	17/11/1995	1
FERNANDEZ CRUZ JORGE JAVIER	PROXY	02/03/1999	1
FERNANDEZ GUTIERREZ ANA ROSA	PROXY	17/10/2013	2
	PROXY	01/04/2014
FERNANDEZ PRIETO RAIMUNDO	PROXY	31/03/2010	1
FERNANDEZ VARONA MARTA	PROXY	31/03/2010	1
GARCIA CELAA JON	COMBINED PROXY	26/04/2012	5
	PROXY	26/04/2012
	COMBINED PROXY	01/08/2011
	PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
GARCIA RECIO LUIS	PROXY	26/04/2012	2
	PROXY	17/11/1995
GOMEZ SAINZ DE BARANDA JOSE RAMON	PROXY	31/03/2010	1
GONGORA RUZ GORGONIO	JOINT ATTORNEY/COMBINED PROXY	31/03/2010	3
	JOINT ATTORNEY/COMBINED PROXY	17/10/2013
	PROXY	17/10/2013
GONGORA RUZ GREGORIO	PROXY	17/10/2013	1
GUTHEIL STEFAN	MEMBER OF THE BOARD	02/08/2012	2
	VICE CHAIRMAN	02/08/2012
GUZMAN RODRIGUEZ JOSE	PROXY	31/03/2010	1
HEIMENDINGER FRANCIS	SINGLE ADMINISTRATOR	17/11/1995	1
HERNANDEZ ZULAICA JOSE IGNACIO	PROXY	31/03/2010	1
IRIONDO LAZASO MARCELINO	PROXY	26/04/2012	1
JACQUES MICHEL CHOMILLIER	SINGLE ADMINISTRATOR	02/11/2006	1
LOSCERTALES LALANA LUIS	COMBINED PROXY	17/10/2013	3
	COMBINED PROXY	01/08/2011
MACHO CONDE JOSE LUIS	PROXY	31/03/2010	1
MARTIN GENTO RAQUEL	COMBINED PROXY	17/10/2013	1
MARTIN SOLAR CANDIDO	PROXY	31/03/2010	2
	PROXY	17/11/1995
MARTINEZ GENTO RAQUEL	COMBINED PROXY	17/10/2013	7
	PROXY	17/10/2013
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	PROXY	01/08/2011
MEDINA GOMEZ JOSE MANUEL	PROXY	31/03/2010	1
MONDI PACKAGING BAG DIVISION BV	SINGLE PARTNER	15/02/2013	1
MORINI ANDREA	MEMBER OF THE BOARD	13/11/2013	10
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	01/08/2011
	COMBINED PROXY	17/10/2013
	VICE CHAIRMAN	13/11/2013
MUGARTEGUI ARRIEN JOSE ANTONIO	PROXY	31/03/2010	2
	PROXY	21/11/1995
NIETO FENOR JOSE	SINGLE ADMINISTRATOR	23/09/1992	1
NIETO FERNOR JOSE	PROXY	31/03/2010	1
ORISICH PETER	MEMBER OF THE BOARD	02/08/2012	2
	PRESIDENT	02/08/2012
OTT THOMAS	MEMBER OF THE BOARD	13/11/2013	4
	PRESIDENT	13/11/2013
	PRESIDENT	24/04/2015
PADILLA CABRERA MANUEL FIDEL	COMBINED PROXY	17/10/2013	2
PEREZ AMALLOBIETA ADAN	NON CONSELLOR ASSISTANT SECRETARY	13/11/2013	2
POYATO PORRAS MANUEL	PROXY	31/03/2010	1
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	16/02/2005	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	19/06/2014	3
	ACCOUNTS' AUDITOR / HOLDER	30/07/2011
	ACCOUNTS' AUDITOR / HOLDER	05/07/2010
PUENTE NICOLAS ELISEO	PROXY	04/01/1993	1
QUINTANO SOLANA JOSE MANUEL	PROXY	07/06/1994	1
RODRIGUEZ NEYRA LUIS	PROXY	31/03/2010	1
SAAVEDRA LOPEZ ANTONIO	PROXY	26/04/2012	1
SAFONT MOLINERO JUAN	PROXY	31/03/2010	1
SANZ REDONDO JOSE	PROXY	20/11/1995	1
SCHUSCHNIG JOERG	MEMBER OF THE BOARD	24/04/2015	2
	MEMBER OF THE BOARD	13/11/2013
SEGURA ARAZURI DIEGO	NON CONSELLOR SECRETARY	02/08/2012	1
SELLIER LAURENT	JOINT ATTORNEY/COMBINED PROXY	14/05/2010	1
SERRANO PAUL GREGORIO	JOINT ATTORNEY	01/02/2008	1
SEVILLANO MORENO IGNACIO	JOINT ATTORNEY/COMBINED PROXY	14/05/2010	1
SMURFIT KAPPA NERVION SOCIEDAD ANONIMA	SINGLE PARTNER	05/07/2010	1
STOCKREITER CLEMENS JOHANN MAG	MEMBER OF THE BOARD	02/08/2012	1
UGALDE OLANO ANDER	JOINT ATTORNEY/COMBINED PROXY	14/05/2010	1
URIBE BERRIOZABALGOITIA ALEJANDRO	PROXY	31/03/2010	4
	PROXY	31/03/2010
	PROXY	26/01/1996
	PROXY	21/11/1995
VITTOZ FRANCOIS	SINGLE ADMINISTRATOR	02/05/1995	3
	SINGLE ADMINISTRATOR	29/11/1996
	SINGLE ADMINISTRATOR	22/11/1999
ZAMALLOA ATUCHA JUAN LUIS	PROXY	26/04/2012	1

Executive board

Post	NIF	Name
COMMERCIAL MANAGER		LUIS GARCIA RECIO
MANAGING DIRECTOR		LUIS ELORRIAGA IBARRECHE

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		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
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	---

> 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. 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. Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale. Related companies without judicial claims . Neither judicial, administrative claims nor serious actions against companies related to the entity have been published in BORME, which indicates a tendency to meet their obligations.

The current debt represents a 54.05% of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation. It does not have any economic profitability.. It has no return from the necessary investments in the development of its main activity in comparison with its assets. It does not have any financial profitability.. MONDI IBERSAC SOCIEDAD LIMITADAIt does not obtain any financial return as a consequence of an investment in its own resources which, a priori, might deteriorate its financial and economic situation. Limited capacity to generate cash and cash equivalents through operating income. In principle, a decrease in this ratio would indicate a worsening in the Company´s financial situation. No Company's subsidiaries or branches are known.

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:	15 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	MONDI AG		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	DIPECO, S.A.
	MONDI BAGS STETI AS
	MONDI BRUSSELS
	MONDI LINDLAR, S.A.
	MONDI PACK PAPER SALES FRANTSCHACH
	MONDI PACKAGING ABERDEEN
	MONDI PACKAGING MOSS
	MONDI PAPER SALES, S.A.
	MONDI POPERINGE NV
	SULBIT HANDELS, S.A.
	MONDI BAGS HUNGRIA
	MONDI COATING, S.A.
	MONDI SAN PIETRO
	MONDI TOLENTINO
	MONDI TREBSEN

Turnover
Total Sales 2014	20.410.000

The sales data is from the latest available financial statements in axesor. 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	November  2014
2012	Normales	October  2013
2011	Normales	October  2012
2010	Normales	March  2012
2009	Normales	July  2011
2008	Normales	December  2009
2007	Normales	December  2009
2006	Normales	February  2008
2005	Normales	January  2008
2004	Normales	December  2005
2003	Normales	February  2005
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	January  2002
1999	Normales	October  2000
1998	Normales	January  2000
1997	Normales	July  1998
1996	Normales	July  1997
1995	Normales	July  1996
1994	Normales	October  1995
1993	Normales	November  1995
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	July  1991
1989	Normales	June  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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	6.226.124,00	6.723.959,00	7.033.158,00	6.163.890,00	13.426.000,00
I. Intangible fixed assets : 11100	153.262,00	227.164,00	300.209,00	361.494,00	0,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	153.262,00	227.164,00	300.209,00	361.494,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	5.838.655,00	6.450.758,00	6.415.168,00	5.609.582,00	12.102.000,00
1. Land and buildings: 11210	2.064.352,00	2.076.700,00	2.101.234,00	1.775.259,00	2.754.000,00
2. Technical installations and other tangible fixed assets: 11220	3.272.425,00	3.899.492,00	3.427.858,00	3.223.215,00	8.651.000,00
3. Tangible asset in progress and advances: 11230	501.878,00	474.566,00	886.076,00	611.108,00	697.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	54.207,00	46.037,00	317.781,00	192.814,00	97.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	54.207,00	46.037,00	317.781,00	192.814,00	97.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	180.000,00	0,00	0,00	0,00	1.227.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	7.377.331,00	7.233.980,00	8.553.399,00	15.455.585,00	10.202.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	2.332.480,00	2.960.648,00	3.183.304,00	3.078.837,00	4.199.000,00
1. Commercial: 12210	0,00	0,00	6.889,00	6.889,00	8.000,00
2. Primary material and other supplies: 12220	1.395.814,00	1.736.650,00	1.973.669,00	2.124.635,00	2.323.000,00
3. Work in progress: 12230	0,00	104.297,00	127.989,00	81.800,00	229.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	104.297,00	127.989,00	0,00	229.000,00
4. Finished goods: 12240	878.085,00	1.063.710,00	1.074.757,00	865.513,00	1.546.000,00
a) Of long-term production cycle : 12241	164.978,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	713.106,00	1.063.710,00	1.074.757,00	0,00	1.546.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	58.581,00	55.991,00	0,00	0,00	93.000,00
III. Trade debtors and others receivable accounts: 12300	5.043.425,00	4.272.449,00	5.369.073,00	7.346.942,00	5.999.000,00
1. Trade debtors / accounts receivable: 12310	4.283.270,00	3.749.252,00	4.513.155,00	5.885.483,00	4.939.000,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	4.283.270,00	3.749.252,00	4.513.155,00	0,00	4.939.000,00
2. Customers, Group companies and associates : 12320	753.494,00	489.128,00	503.230,00	1.442.491,00	962.000,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	525,00	22.000,00
4. Personnel: 12340	6.553,00	2.377,00	7.749,00	5.610,00	13.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	109,00	31.692,00	344.939,00	12.833,00	63.000,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	0,00	0,00	0,00	4.997.046,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	4.997.046,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	1.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	1.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	1.151,00	350,00	0,00	0,00	2.000,00
VII. Cash and other equivalent liquid assets : 12700	275,00	533,00	1.022,00	32.760,00	1.000,00
1. Treasury: 12710	275,00	533,00	0,00	32.760,00	1.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	1.022,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	13.603.455,00	13.957.939,00	15.586.557,00	21.619.475,00	23.628.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	6.183.020,00	6.083.186,00	6.808.535,00	8.618.467,00	-11.727.000,00
A-1) Shareholders' equity: 21000	6.130.606,00	6.047.570,00	6.767.935,00	8.618.467,00	-11.727.000,00
I. Capital: 21100	5.800.000,00	13.780.800,00	13.780.800,00	13.780.800,00	8.259.000,00
1. Registered capital : 21110	5.800.000,00	13.780.800,00	0,00	0,00	8.259.000,00
2. (Uncalled capital): 21120	0,00	0,00	13.780.800,00	0,00	0,00
II. Share premium: 21200	0,00	12.992.000,00	12.992.000,00	12.992.000,00	0,00
III. Reserves: 21300	309.215,00	-407.297,00	-149.261,00	-269.392,00	-157.000,00
1. Legal and statutory: 21310	247.571,00	3.649,00	3.649,00	3.649,00	4.000,00
2. Other reserves: 21320	61.645,00	-410.946,00	-152.910,00	-273.041,00	-161.000,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	-16.855.604,00	-17.884.941,00	0,00	-13.145.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	-16.855.604,00	-17.884.941,00	0,00	-13.145.000,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	21.391,00	-3.462.329,00	-1.970.663,00	-17.884.941,00	-6.684.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	52.414,00	35.616,00	40.600,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	67.433,00	129.595,00	134.361,00	279.401,00	195.000,00
I. Long-term provisions: 31100	23.052,00	115.746,00	134.361,00	279.401,00	195.000,00
1. Long-term employee benefits liability: 31110	23.052,00	115.746,00	71.855,00	0,00	17.000,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	62.506,00	279.401,00	178.000,00
II Long-term creditors: 31200	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	44.381,00	13.849,00	0,00	0,00	0,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	7.353.002,00	7.745.158,00	8.643.661,00	12.721.607,00	35.160.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	36.649,00	680.897,00	1.113.561,00	4.316.152,00	2.755.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	36.649,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	425.479,00	307.919,00	579.968,00	289.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	425.479,00	307.919,00	579.968,00	289.000,00
IV. Short-term debts with Group companies and associates: 32400	3.122.180,00	2.808.373,00	1.720.804,00	1.072.974,00	26.179.000,00
V. Trade creditors and other accounts payable: 32500	4.194.172,00	3.830.409,00	5.501.377,00	6.752.513,00	5.937.000,00
1. Suppliers: 32510	2.980.636,00	2.616.760,00	3.959.550,00	4.781.396,00	3.192.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.980.636,00	2.616.760,00	3.959.550,00	4.781.396,00	3.192.000,00
2. Suppliers, Group companies and associates: 32520	603.684,00	625.692,00	863.037,00	891.792,00	2.085.000,00
3. Other creditors: 32530	67.865,00	114.590,00	71.429,00	0,00	11.000,00
4. Personnel (remuneration due): 32540	245.903,00	240.516,00	292.202,00	402.068,00	171.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	293.941,00	232.064,00	240.805,00	648.356,00	474.000,00
7. Advances from clients: 32570	2.143,00	787,00	74.354,00	28.901,00	4.000,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	13.603.455,00	13.957.939,00	15.586.557,00	21.619.475,00	23.628.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	20.387.848,00	19.747.364,00	23.304.266,00	27.194.694,00	24.615.000,00
a) Sales: 40110	20.043.770,00	19.346.349,00	22.989.097,00	27.078.591,00	24.405.000,00
b) Rendering of services: 40120	344.078,00	401.015,00	315.169,00	116.103,00	210.000,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-289.923,00	-34.739,00	59.252,00	-828.111,00	-260.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	4.000,00
4. Supplies : 40400	-12.699.030,00	-12.440.624,00	-15.801.249,00	-18.994.415,00	-15.951.000,00
a) Stock consumption: 40410	-1.320.994,00	-1.654.474,00	-2.710.387,00	-491.446,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-11.212.698,00	-10.387.752,00	-13.027.912,00	-18.522.530,00	-15.825.000,00
c) Works carried out by other companies: 40430	-264.535,00	-297.838,00	-338.689,00	-17.300,00	-49.000,00
d) Impairment of stock, primary material and other supplies: 40440	99.197,00	-100.560,00	275.739,00	36.861,00	-77.000,00
5. Other operating income: 40500	74.282,00	10.030,00	282.758,00	502.813,00	375.000,00
a) Auxiliary income and other from current management: 40510	74.282,00	0,00	261.568,00	479.423,00	353.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	10.030,00	21.190,00	23.390,00	22.000,00
6. Personnel costs: 40600	-3.849.111,00	-6.950.939,00	-5.645.479,00	-12.074.363,00	-7.681.000,00
a) Wages, salaries et al.: 40610	-2.925.024,00	-5.719.355,00	-4.245.095,00	-10.039.490,00	-5.665.000,00
b) Social security costs: 40620	-924.087,00	-1.231.584,00	-1.400.384,00	-2.034.873,00	-2.016.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-3.154.230,00	-3.694.442,00	-3.550.836,00	-6.974.559,00	-5.237.000,00
a) External services: 40710	-3.046.059,00	-3.633.380,00	-3.372.975,00	-6.649.655,00	-5.104.000,00
b) Taxes: 40720	-53.323,00	-121.191,00	-85.963,00	-235.878,00	-169.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-54.848,00	60.129,00	-91.898,00	-30.732,00	36.000,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	-58.294,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-866.706,00	-852.581,00	-1.021.018,00	-1.447.069,00	-1.567.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	7.589,00	6.922,00	6.345,00	0,00	0,00
10. Excess provisions : 41000	0,00	432.698,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	232.010,00	396.428,00	401.008,00	-3.803.610,00	-244.000,00
a) Impairment and losses : 41110	0,00	0,00	0,00	-4.046.798,00	-284.000,00
b) Results for transfers and other : 41120	232.010,00	396.428,00	401.008,00	243.188,00	40.000,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	31.368,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-125.903,00	-3.379.883,00	-1.964.953,00	-16.424.620,00	-5.946.000,00
14. Financial income : 41400	0,00	0,00	4.224,00	6.365,00	0,00
a) Of shares in equity instruments : 41410	0,00	0,00	4.224,00	6.365,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	4.202,00	2.801,00	0,00
a 2) In third parties: 41412	0,00	0,00	22,00	3.564,00	0,00
b) From negotiable securities and other financial instruments : 41420	0,00	0,00	0,00	0,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	0,00	0,00	0,00	0,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-21.094,00	-26.296,00	-9.711,00	-277.375,00	-728.000,00
a) Amounts owed to Group companies and associates : 41510	-21.094,00	-26.296,00	-3.459,00	-215.605,00	-693.000,00
b) For debts with third parties : 41520	0,00	0,00	-6.252,00	-61.770,00	-35.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-11.612,00	-2.520,00	-223,00	-7.068,00	-7.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-32.706,00	-28.816,00	-5.710,00	-278.078,00	-735.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-158.609,00	-3.408.699,00	-1.970.663,00	-16.702.698,00	-6.681.000,00
20. Income taxes: 41900	180.000,00	-53.630,00	0,00	-1.182.243,00	-3.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	21.391,00	-3.462.329,00	-1.970.663,00	-17.884.941,00	-6.684.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	21.391,00	-3.462.329,00	-1.970.663,00	-17.884.941,00	-6.684.000,00

> 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. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	-13.780.800,00	0,00	0,00
B) FIXED ASSETS:	6.046.124,00	6.723.959,00	7.033.158,00	6.163.890,00	12.199.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	153.262,00	227.164,00	300.209,00	361.494,00	0,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	153.262,00	227.164,00	300.209,00	361.494,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	5.838.655,00	6.450.758,00	6.415.168,00	5.609.582,00	12.102.000,00
1. Land and construction:	2.064.352,00	2.076.700,00	2.101.234,00	1.775.259,00	2.754.000,00
2. Technical installations and machinery:	3.272.425,00	3.899.492,00	3.427.858,00	3.223.215,00	8.651.000,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	0,00
4. Payments on account and tangible fixed assets under construction:	501.878,00	474.566,00	886.076,00	611.108,00	697.000,00
5. Other tangible assets:	0,00	0,00	0,00	0,00	0,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	54.207,00	46.037,00	317.781,00	192.814,00	97.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	54.207,00	46.037,00	317.781,00	192.814,00	97.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	7.557.331,00	7.233.980,00	8.553.399,00	15.455.585,00	11.429.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	2.332.480,00	2.960.648,00	3.183.304,00	3.078.837,00	4.199.000,00
1. Goods for resale:	0,00	0,00	6.889,00	6.889,00	8.000,00
2. Raw materials and other consumables:	1.395.814,00	1.736.650,00	1.973.669,00	2.124.635,00	2.323.000,00
3. Goods in process and semifinished ones:	0,00	104.297,00	127.989,00	81.800,00	229.000,00
4. Finished products:	878.085,00	1.063.710,00	1.074.757,00	865.513,00	1.546.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	58.581,00	55.991,00	0,00	0,00	93.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	5.223.425,00	4.272.449,00	5.369.073,00	7.346.942,00	7.226.000,00
1. Trade debtors / accounts receivable:	4.283.270,00	3.749.252,00	4.513.155,00	5.885.483,00	4.939.000,00
2. Accounts receivable, Group companies:	753.494,00	489.128,00	503.230,00	1.442.491,00	962.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	525,00	22.000,00
5. Staff:	6.553,00	2.377,00	7.749,00	5.610,00	13.000,00
6. Public bodies:	180.109,00	31.692,00	344.939,00	12.833,00	1.290.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	1.022,00	4.997.046,00	1.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	4.997.046,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	1.022,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	1.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	275,00	533,00	0,00	32.760,00	1.000,00
VII. Prepayments and accrued income:	1.151,00	350,00	0,00	0,00	2.000,00
GENERAL TOTAL (A + B + C + D):	13.603.455,00	13.957.939,00	1.805.757,00	21.619.475,00	23.628.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	6.146.330,00	6.058.255,00	-7.000.685,00	8.618.467,00	-11.727.000,00
I. Subscribed capital:	5.800.000,00	13.780.800,00	0,00	13.780.800,00	8.259.000,00
II. Share premium:	0,00	12.992.000,00	12.992.000,00	12.992.000,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	324.939,00	-396.612,00	-137.081,00	-269.392,00	-157.000,00
1. Legal reserve:	247.571,00	3.649,00	3.649,00	3.649,00	4.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	77.369,00	-400.261,00	-140.730,00	-273.041,00	-161.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	-16.855.604,00	-17.884.941,00	0,00	-13.145.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	-16.855.604,00	-17.884.941,00	0,00	-13.145.000,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	21.391,00	-3.462.329,00	-1.970.663,00	-17.884.941,00	-6.684.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	36.690,00	24.931,00	28.420,00	0,00	0,00
1. Capital grants:	36.690,00	24.931,00	28.420,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	23.052,00	115.746,00	134.361,00	279.401,00	195.000,00
1. Provisions for pension fund and other similar obligations:	23.052,00	115.746,00	71.855,00	0,00	17.000,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	62.506,00	279.401,00	178.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	44.381,00	13.849,00	0,00	0,00	0,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	44.381,00	13.849,00	0,00	0,00	0,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	44.381,00	13.849,00	0,00	0,00	0,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	7.316.353,00	7.064.261,00	7.530.100,00	8.405.455,00	32.405.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	3.725.864,00	3.434.065,00	2.583.841,00	1.964.766,00	28.264.000,00
1. Amounts owed to group companies:	3.725.864,00	3.434.065,00	2.583.841,00	1.964.766,00	28.264.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.050.644,00	2.732.137,00	4.105.333,00	4.810.297,00	3.207.000,00
1. Advanced payments from customers:	2.143,00	787,00	74.354,00	28.901,00	4.000,00
2. Amounts owed for purchases of goods or services:	3.048.501,00	2.731.350,00	4.030.979,00	4.781.396,00	3.203.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	539.844,00	898.059,00	840.926,00	1.630.392,00	934.000,00
1. Public bodies:	293.941,00	232.064,00	240.805,00	648.356,00	474.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	425.479,00	307.919,00	579.968,00	289.000,00
4. Wages and salaries payable:	245.903,00	240.516,00	292.202,00	402.068,00	171.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	36.649,00	680.897,00	1.113.561,00	4.316.152,00	2.755.000,00
GENERAL TOTAL (A + B + C + D + E + F):	13.603.455,00	13.957.939,00	1.805.757,00	21.619.475,00	23.628.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	20.711.706,00	24.055.771,00	26.028.516,00	45.832.001,00	31.718.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	289.923,00	34.739,00	0,00	828.111,00	260.000,00
A.2. Supplies:	12.798.227,00	12.340.064,00	16.076.988,00	19.031.276,00	15.874.000,00
a) Stock consumption:	1.320.994,00	1.654.474,00	2.710.387,00	491.446,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	11.212.698,00	10.387.752,00	13.027.912,00	18.522.530,00	15.825.000,00
c) Miscellaneous external expenditure:	264.535,00	297.838,00	338.689,00	17.300,00	49.000,00
A.3. Staff costs:	3.849.111,00	6.950.939,00	5.645.479,00	12.074.363,00	7.681.000,00
a) Wages, salaries et al.:	2.925.024,00	5.719.355,00	4.245.095,00	10.039.490,00	5.665.000,00
b) Social security costs:	924.087,00	1.231.584,00	1.400.384,00	2.034.873,00	2.016.000,00
A.4. Depreciation expense:	866.706,00	852.581,00	1.021.018,00	1.447.069,00	1.567.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	-44.349,00	40.431,00	-183.841,00	-6.129,00	41.000,00
a) Stock provision variation:	-99.197,00	100.560,00	-275.739,00	-36.861,00	77.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	54.848,00	-60.129,00	91.898,00	30.732,00	-36.000,00
A.6. Other operating charges:	3.099.382,00	3.754.571,00	3.458.938,00	6.943.827,00	5.273.000,00
a) External services:	3.046.059,00	3.633.380,00	3.372.975,00	6.649.655,00	5.104.000,00
b) Taxes:	53.323,00	121.191,00	85.963,00	235.878,00	169.000,00
c) Other operating expenses:	0,00	0,00	0,00	58.294,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00
A.7. Financial and similar charges:	21.094,00	26.296,00	9.711,00	277.375,00	728.000,00
a) Due to liabilities with companies of the group:	21.094,00	26.296,00	3.459,00	215.605,00	693.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	0,00	0,00	6.252,00	61.770,00	35.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	11.612,00	2.520,00	223,00	7.068,00	7.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	0,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	4.046.798,00	284.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	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):	270.967,00	403.350,00	407.353,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	0,00	0,00	0,00
A.15. Corporation tax:	-180.000,00	53.630,00	0,00	1.182.243,00	3.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	21.391,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	20.733.097,00	20.593.442,00	24.057.853,00	27.947.060,00	25.034.000,00
B.1. Net total sales:	20.387.848,00	19.747.364,00	23.304.266,00	27.194.694,00	24.615.000,00
a) Sales:	20.043.770,00	19.346.349,00	22.989.097,00	27.078.591,00	24.405.000,00
b) Rendering of services:	344.078,00	401.015,00	315.169,00	116.103,00	210.000,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	59.252,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	4.000,00
B.4. Miscellaneous operating income:	74.282,00	442.728,00	282.758,00	502.813,00	375.000,00
a) Auxiliary income and other from current management:	74.282,00	0,00	261.568,00	479.423,00	353.000,00
b) Grants:	0,00	10.030,00	21.190,00	23.390,00	22.000,00
c) Liabilities and charges provisions surplus:	0,00	432.698,00	0,00	0,00	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):	396.870,00	3.783.233,00	2.372.306,00	12.621.010,00	5.702.000,00
B.5. Income from equity investment:	0,00	0,00	4.224,00	6.365,00	0,00
a) In companies of the group:	0,00	0,00	4.202,00	2.801,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	22,00	3.564,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	0,00	0,00	0,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	32.706,00	28.816,00	5.710,00	278.078,00	735.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	429.576,00	3.812.049,00	2.378.016,00	12.899.088,00	6.437.000,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	232.010,00	396.428,00	401.008,00	243.188,00	40.000,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	7.589,00	6.922,00	6.345,00	0,00	0,00
B.12. Extraordinary income:	31.368,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	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	0,00	0,00	3.803.610,00	244.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	158.609,00	3.408.699,00	1.970.663,00	16.702.698,00	6.681.000,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	3.462.329,00	1.970.663,00	17.884.941,00	6.684.000,00

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	-158.609,00	-3.408.699,00	-1.970.663,00	-17.087.709,00	-6.681.000,00
2. Results adjustments.: 61200	594.994,00	1.839.000,00	435.534,00	11.109.183,00	2.384.000,00
a) Fixed Assets Amortization (+).: 61201	866.706,00	852.581,00	1.021.018,00	1.447.069,00	0,00
b) Obsolescence Allowances (+/-). : 61202	-64.818,00	40.431,00	-275.739,00	74.898,00	0,00
c) Variation in Provision (+/-). : 61203	0,00	1.320.522,00	91.898,00	9.552.326,00	0,00
d) Allocation of grants (-).: 61204	-7.590,00	-6.922,00	-6.345,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	-232.010,00	-396.428,00	-401.008,00	-243.188,00	0,00
g) Financial income (-).: 61207	0,00	0,00	-4.224,00	-6.365,00	0,00
h) Financial Expenses (+). : 61208	21.094,00	26.296,00	9.711,00	277.375,00	0,00
i) Exchange differences (+/-). : 61209	11.612,00	2.520,00	223,00	7.068,00	0,00
3. Changes in current capital equity.: 61300	34.426,00	-348.455,00	-2.611.373,00	-67.499,00	2.142.000,00
a) Stock (+/-).: 61301	747.835,00	122.096,00	171.272,00	1.045.514,00	0,00
d) Debtors and other accounts receivable (+/-). : 61302	-857.408,00	843.506,00	2.218.077,00	-1.495.405,00	0,00
c) Other current assets (+/-). : 61303	108.050,00	277.886,00	-339.449,00	124.776,00	0,00
d) Creditors and other accounts payable (+/-). : 61304	66.766,00	-1.662.227,00	-843.585,00	616.577,00	0,00
e) Other current liabilities (+/-).: 61305	-30.817,00	70.284,00	-3.817.688,00	-358.961,00	0,00
4. Other cash flows for operating activities.: 61400	-676.954,00	-1.844.470,00	-5.710,00	-8.778.546,00	-2.939.000,00
a) Interest payments (-). : 61401	-32.706,00	-2.520,00	-9.711,00	-277.375,00	0,00
c) Interest collection (+). : 61403	0,00	0,00	4.224,00	6.365,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	-53.630,00	0,00	0,00	0,00
e) Other payments (payment collection) (-/+) : 61405	-644.248,00	-1.788.320,00	-223,00	-8.507.536,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-206.143,00	-3.762.624,00	-4.152.212,00	-14.824.571,00	-5.094.000,00
6. Payments for investment (-).: 62100	-784.558,00	-846.138,00	-2.148.249,00	-1.469.634,00	-4.342.000,00
b) Intangible fixed assets. : 62102	-5.974,00	-4.811,00	-19.166,00	-367.621,00	0,00
c) Fixed assets. : 62103	-778.584,00	-841.327,00	-2.129.083,00	-1.101.715,00	0,00
e) Other financial assets. : 62105	0,00	0,00	0,00	-298,00	0,00
7. Divestment payment collection (+). : 62200	645.509,00	547.000,00	5.558.159,00	2.350.210,00	0,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	4.997.046,00	249,00	0,00
c) Fixed assets. : 62203	645.509,00	545.000,00	511.889,00	2.349.961,00	0,00
e) Other financial assets. : 62205	0,00	2.000,00	49.224,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-139.049,00	-299.138,00	3.409.910,00	880.576,00	-4.342.000,00
9. Payment collection and payments for equity instruments. : 63100	31.126,00	3.000.000,00	62.734,00	38.501.113,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	3.000.000,00	0,00	38.501.113,00	0,00
e) Grants, donations and bequests received (+). : 63105	31.126,00	0,00	62.734,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	313.808,00	1.061.273,00	647.830,00	-24.525.738,00	9.435.000,00
a) Issuance : 63201	0,00	0,00	0,00	0,00	10.100.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	0,00	10.100.000,00
b) Repayment and amortization of : 63207	313.808,00	1.061.273,00	647.830,00	-24.525.738,00	-665.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	313.808,00	1.061.273,00	647.830,00	-24.525.738,00	-665.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	344.934,00	4.061.273,00	710.564,00	13.975.375,00	9.435.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-258,00	-489,00	-31.738,00	31.380,00	-1.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	533,00	1.022,00	32.760,00	1.380,00	2.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	275,00	533,00	1.022,00	32.760,00	1.000,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,01 %	0,00 %	0,01 %		118,81 %
EBITDA over Sales:	2,30 %	11,43 %	-17,03 %	9,02 %	113,53 %	26,67 %
Cash Flow Yield:	0,00 %	0,01 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-1,16 %	6,98 %	-24,29 %	4,97 %	95,22 %	40,53 %
Total economic profitability:	-1,01 %	3,83 %	-24,23 %	2,39 %	95,83 %	60,52 %
Financial profitability:	0,35 %	4,43 %	-57,25 %	1,03 %	100,61 %	328,82 %
Margin:	-0,77 %	6,79 %	-17,11 %	4,64 %	95,51 %	46,41 %
Mark-up:	-0,93 %	4,61 %	-17,25 %	1,38 %	94,62 %	235,32 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,13	0,00	0,12		14,08
Acid Test:	0,69	0,86	0,60	0,85	13,97	1,21
Working Capital / Investment:	0,00	0,05	-0,04	0,03	104,88	90,04
Solvency:	1,03	1,18	1,02	1,17	0,87	0,18

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,19	1,38	1,14	1,63	3,87	-15,32
Borrowing Composition:	0,01	1,00	0,00	1,03		-2,50
Repayment Ability:	-28.529,97	89,35	-14.474,66	205,41	-97,10	-56,50
Warranty:	1,85	1,73	1,97	1,62	-6,28	6,99
Generated resources / Total creditors:	0,11	0,08	-0,35	0,07	130,23	27,62

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,12	1,87	0,52	1,70	117,40	9,79
Turnover of Collection Rights :	4,06	5,06	4,62	4,78	-12,27	5,72
Turnover of Payment Entitlements:	3,71	3,67	4,20	3,51	-11,72	4,34
Stock rotation:	8,94	7,32	8,10	6,48	10,44	12,95
Assets turnover:	1,51	1,03	1,42	1,07	6,34	-4,01
Borrowing Cost:	0,29	2,86	0,37	2,95	-22,86	-3,23

> 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 %	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	2,30 %	-17,03 %	-5,80 %	-41,09 %	-16,80 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	-1,16 %	-24,29 %	-12,87 %	-99,97 %	-25,27 %
Total economic profitability:	-1,01 %	-24,23 %	-12,58 %	-75,97 %	-25,19 %
Financial profitability:	0,35 %	-57,25 %	-29,12 %	-207,52 %	-57,00 %
Margin:	-0,77 %	-17,11 %	-8,33 %	-59,30 %	-23,79 %
Mark-up:	-0,93 %	-17,25 %	-8,35 %	-60,30 %	-26,73 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,00	0,00	0,00	0,00	0,00
Acid Test:	0,69	0,60	0,71	1,47	0,19
Working Capital / Investment:	0,00	-0,04	-0,01	0,13	-1,06
Solvency:	1,03	1,02	1,14	1,84	0,35

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,19	1,14	1,08	0,94	-2,81
Borrowing Composition:	0,01	0,00	0,00	0,00	0,00
Repayment Ability:	-28.529,97	-14.474,66	-237,26	264,66	-50.318,32
Warranty:	1,85	1,97	2,07	2,57	0,73
Generated resources / Total creditors:	0,11	-0,35	-0,16	-1,96	-0,16

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,12	0,52	0,76	0,07	0,46
Turnover of Collection Rights :	4,06	4,62	4,39	3,77	4,17
Turnover of Payment Entitlements:	3,71	4,20	3,53	3,72	3,53
Stock rotation:	8,94	8,10	8,15	13,10	7,31
Assets turnover:	1,51	1,42	1,54	1,69	1,06
Borrowing Cost:	0,29	0,37	0,13	3,30	2,25

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ENTIDAD VASCO DE LA ENERGÍA.
Status	CONCEDIDA
Amount Granted	35.616,00
Notes	El importe imputado a resultados en este ejercicio es de 5.464 euros, quedando un saldo pendiente al cierre de 52.414 euros.

Entity	ENTIDAD VASCO DE LA ENERGÍA.
Status	CONCEDIDA
Amount Granted	40.600,00
Notes	El importe imputado a resultados en este ejercicio es de 4.984 euros, quedando un saldo pendiente al cierre de 35.616 euros.

Entity	ENTIDAD VASCO DE LA ENERGÍA.
Status	CONCEDIDA
Amount Granted	4.568,00
Notes	El importe reflejado corresponde al traspaso a resultados.

Research Summary

The company was set up several years ago, which provide it with enough experience in its sector of activity. It has a good commercial reputation among the sources of information. Its turnover has been increased by 3,24 % in 2013, compared to 2012. The company complies with its payment obligations.

Answer to additional question

The address AUTOVIA A-2 KM 582 08630 ABRERA (BARCELONA), corresponds to the premises of MUNDI BAGS IBERICA S.L., a related company belonging to the same corporate group.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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