MIRA INFORM REPORT

Report No. :	325979
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	CYGYC SA

Registered Office :	Belgica, S/N Pol. Industrial Pla De Llerona Franqueses Del Valles (Les), Barcelona 08520

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	12.11.1970

Legal Form :	Private Company

Line of Business :	Manufacture of other organic basic chemicals

No of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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:

CYGYC SA

NIF / Fiscal code:

A08258451

Status:

ACTIVE

Incorporation Date:

12/11/1970

Register Data

Last Publication in BORME:

23/12/2013 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

62.684,30

Localization:

BELGICA, S/N POL. INDUSTRIAL PLA DE LLERONA - FRANQUESES DEL VALLES (LES) - 08520 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 938493455 Email. CYGYC@SEFES.ES Website. www.cygyc.com

Activity:

NACE:

2014 - Manufacture of other organic basic chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

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

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

FORTICUS 21 SL

35 %

KAIRUS SL

49.04 %

Identification

Social Denomination:

CYGYC SA

NIF / Fiscal code:

A08258451

Corporate Status:

ACTIVE

Start of activity:

1970

Registered Office:

BELGICA, S/N POL. INDUSTRIAL PLA DE LLERONA

Locality:

FRANQUESES DEL VALLES (LES)

Province:

BARCELONA

Postal Code:

08520

Telephone:

938493455

Fax:

938491639

Website:

www.cygyc.com

Email:

CYGYC@SEFES.ES

Activity

NACE:

2014

CNAE Obtaining Source:

2014

Legal Form:

. LA FABRICACION, COMERCIALIZACION, IMPORTACION Y EXPORTACION DE PRODUCTOSPLAGUICIDAS Y PRODUCTOS ZOOSANITARIOS, PARA EL CUIDADO, HIGIENE Y MANEJO DE LOS ANIMALES

Additional Information:

Plant, warehouse and offices located on

Import / export:

EXPORTS

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989) Increase of Capital (1) Statutory Modifications (1)

1991

Accounts deposit (year 1990)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (1)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (1)

1998

Accounts deposit (year 1997)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1999)

2001

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

2002

Accounts deposit (year 2001)

2003

Accounts deposit (year 2002)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Statutory Modifications (1)

2005

Appointments/ Re-elections (1)

2006

Accounts deposit (year 2004, 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2007

Accounts deposit (year 2006)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1)

2009

Accounts deposit (year 2008)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (1) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (year 2013)

Breakdown of Owners' Equity

Registered Capital:

62.684,30

Paid up capital:

62.684,30

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

06/03/1990

Increase of Capital

58.298

60.101

24/11/1994

Increase of Capital

6.671

66.772

30/11/2012

Capital Reduction

-4.087

62.684

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

GRAU DURIO JAUME

03/10/2012

VICE CHAIRMAN

MINGUELL FONT JOSEP MARIA

03/10/2012

MEMBER OF THE BOARD

QUEROL BOIRA ALBERT

03/10/2012

GRAU DURIO JAUME

03/10/2012

GRAU DEPREZ DANIEL

03/10/2012

GRAU DEPREZ ANDRES FRANCISCO

03/10/2012

COSTA SEGU JOSEP

03/10/2012

MINGUELL FONT JOSEP MARIA

03/10/2012

FORTICUS 21 SL

03/10/2012

GRAU DURIO JAIME

24/05/2004

DEPREZ AUSSANNAIRE M CLAUDE

21/01/1999

COMBINED CHIEF EXECUTIVE OFFICER

GRAU DURIO JAUME

03/10/2012

QUEROL BOIRA ALBERT

03/10/2012

MINGUELL FONT JOSEP MARIA

03/10/2012

COSTA SEGU JOSEP

03/10/2012

PROXY

MINGUELL FONT JOSE MARIA

27/01/1997

QUEROL BOIRA ALBERTO

27/01/1997

CHIEF EXECUTIVE OFFICER

GRAU DURIO JAIME

24/05/2004

SECRETARY

COSTA SEGU JOSEP

03/10/2012

REPRESENTATIVE

QUEROL BOIRA ALBERT

03/10/2012

ACCOUNTS' AUDITOR / HOLDER

AUDINFORM SLP

13/12/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AUDINFORM SL

ACCOUNTS' AUDITOR / HOLDER

13/12/2013

CALMET SARRO PEDRO

ADMINISTRATOR

17/03/1994

MEMBER OF THE BOARD

21/01/1999

MEMBER OF THE BOARD

24/05/2004

MEMBER OF THE BOARD

18/08/2004

PRESIDENT

21/01/1999

PRESIDENT

24/05/2004

PRESIDENT

18/08/2004

COSTA SEGU JOSEP

MEMBER OF THE BOARD

02/07/2008

SECRETARY

02/07/2008

SECRETARY

21/04/2011

MEMBER OF THE BOARD

21/04/2011

MEMBER OF THE BOARD

03/10/2012

SECRETARY

03/10/2012

GRAU DEPREZ DANIEL

MEMBER OF THE BOARD

03/10/2012

MEMBER OF THE BOARD

02/07/2008

MEMBER OF THE BOARD

21/04/2011

GRAU DEPREZ JAVIER PEDRO

MEMBER OF THE BOARD

21/04/2011

MEMBER OF THE BOARD

02/07/2008

MEMBER OF THE BOARD

03/10/2012

GRAU DURIO JAIME

ADMINISTRATOR

17/03/1994

MEMBER OF THE BOARD

21/01/1999

MEMBER OF THE BOARD

24/05/2004

CHIEF EXECUTIVE OFFICER

21/01/1999

CHIEF EXECUTIVE OFFICER

24/05/2004

GRAU DURIO JAUME

PRESIDENT

21/04/2011

CHIEF EXECUTIVE OFFICER

21/04/2011

MEMBER OF THE BOARD

21/04/2011

MEMBER OF THE BOARD

03/10/2012

CHIEF EXECUTIVE OFFICER

03/10/2012

PRESIDENT

03/10/2012

CHIEF EXECUTIVE OFFICER

02/07/2008

PRESIDENT

02/07/2008

GUIX CAMPAS MARIA

MEMBER OF THE BOARD

24/05/2004

SECRETARY

24/05/2004

SECRETARY

18/08/2004

MEMBER OF THE BOARD

18/08/2004

SECRETARY

21/01/1999

MEMBER OF THE BOARD

21/01/1999

M CLAUDE DEPREZ AUSSANNAIRE

MEMBER OF THE BOARD

21/01/1999

MEMBER OF THE BOARD

02/07/2008

MEMBER OF THE BOARD

21/04/2011

MEMBER OF THE BOARD

03/10/2012

MINGUELL FONT JOSEP MARIA

MEMBER OF THE BOARD

21/04/2011

MEMBER OF THE BOARD

02/07/2008

MEMBER OF THE BOARD

03/10/2012

QUEROL BOIRA ALBERT

MEMBER OF THE BOARD

05/05/2006

MEMBER OF THE BOARD

03/10/2012

MEMBER OF THE BOARD

21/04/2011

QUEROL BOIRA ALBERTO

MEMBER OF THE BOARD

05/05/2006

MEMBER OF THE BOARD

31/07/2001

RODRIGUEZ FERREIRO JOSE

MEMBER OF THE BOARD

17/12/1996

Executive board

Post

NIF

Name

COMMERCIAL MANAGER

ALBERTO QUEROL BOIRA

FINANCIAL DIRECTOR

JOSE COSTA SEGU

MANAGING DIRECTOR

JAIME GRAU DURIO

TECHNICAL MANAGER

JOSE MARIA MINGUELL FONT

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

---

> 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 29.30of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

Probability of default

> Estimated Probability of Default for the next 12 months: 0.386 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

Relative Position:

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

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

The 97.00% of the companies of the sector CYGYC SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.386%.

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

Recommended commercial credit

Favourable until 635.000 (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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

HAS IN ITS ADMINISTRATION BOARD TO:

1 Entities

IS RELATED WITH:

2 Entities

SHAREHOLDERS:

2 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

FORTICUS 21 SL

BARCELONA

KAIRUS SL

BARCELONA

49.04

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

BIOCON ESPAÑOLA SA

BARCELONA

IS RELATED WITH

BIOCON ESPAÑOLA SA

BARCELONA

HAS IN ITS ADMINISTRATION BOARD TO

FORTICUS 21 SL

BARCELONA

Turnover

Total Sales

6.120.899,06

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

August 2014

2012

Normales

September 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

November 2008

2006

Normales

July 2007

2005

Normales

September 2006

2004

Normales

December 2005

2003

Normales

October 2004

2002

Normales

October 2003

2001

Normales

September 2002

2000

Normales

August 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

July 1997

1995

Normales

July 1996

1994

Normales

September 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

September 1991

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

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

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

1.567.612,00

1.690.554,00

1.735.266,00

1.833.126,00

1.776.733,00

I. Intangible fixed assets : 11100

13.265,00

26.092,00

37.978,00

23.815,00

2.983,00

II. Tangible fixed assets : 11200

1.545.459,00

1.655.575,00

1.688.001,00

1.800.023,00

1.694.463,00

III. Real estate investment: 11300

0,00

IV. Long-term investments in Group companies and associates : 11400

0,00

70.000,00

V. Long-term financial investments: 11500

8.887,00

9.287,00

VI. Assets for deferred tax : 11600

0,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

3.317.564,00

2.725.759,00

2.626.694,00

3.001.972,00

3.140.969,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

644.506,00

675.656,00

608.411,00

570.325,00

663.795,00

III. Trade debtors and others receivable accounts: 12300

1.478.682,00

1.355.032,00

1.185.273,00

1.298.085,00

1.619.544,00

1.- Customers for sales and provisions of services : 12380

1.478.352,00

1.355.032,00

1.185.273,00

1.298.085,00

1.166.626,00

a) Long-term receivables from sales and services supplied : 12381

0,00

b) Customers for sales and provisions of services : 12382

1.478.352,00

1.355.032,00

1.185.273,00

1.298.085,00

1.166.626,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

329,00

0,00

452.918,00

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

0,00

10.000,00

50.000,00

200.000,00

V. Short-term financial investments : 12500

0,00

238,00

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

1.194.376,00

695.071,00

823.010,00

1.083.324,00

657.631,00

TOTAL ASSETS (A + B) : 10000

4.885.175,00

4.416.313,00

4.361.960,00

4.835.098,00

4.917.702,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

3.311.810,00

2.874.081,00

2.667.946,00

2.549.185,00

2.541.616,00

A1) Shareholders' equity : 21000

3.311.810,00

2.874.081,00

2.667.946,00

2.549.185,00

2.541.616,00

I. Capital: 21100

62.684,00

66.771,00

1.- Registered capital: 21110

62.684,00

66.771,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

26.685,00

III. Reserves: 21300

2.784.712,00

2.618.260,00

2.867.934,00

2.680.365,00

2.759.669,00

IV. (Common stock equity): 21400

0,00

-412.206,00

V. Profit or loss brought forward: 21500

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

437.729,00

166.452,00

118.761,00

187.569,00

100.697,00

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

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

0,00

B) NON-CURRENT LIABILITIES: 31000

141.935,00

257.942,00

505.035,00

831.254,00

913.342,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

107.357,00

225.762,00

479.351,00

809.338,00

887.566,00

1.- Amounts owed to credit institutions: 31220

64.286,00

168.903,00

402.041,00

644.616,00

692.370,00

2.- Creditors from financial leasing : 31230

42.072,00

55.859,00

25.910,00

53.322,00

83.796,00

3.- Other long-term creditors : 31290

1.000,00

51.400,00

111.400,00

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

0,00

IV. Liabilities for deferred tax: 31400

34.577,00

32.180,00

25.685,00

21.917,00

25.776,00

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

1.431.431,00

1.284.290,00

1.188.979,00

1.454.659,00

1.462.745,00

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

0,00

II. Short-term provisions: 32200

0,00

III. Short-term creditors : 32300

136.960,00

281.344,00

266.598,00

270.153,00

257.333,00

1.- Amounts owed to credit institutions: 32320

106.240,00

233.201,00

234.368,00

231.639,00

210.345,00

2.- Creditors from financial leasing : 32330

26.262,00

45.354,00

30.937,00

38.514,00

46.883,00

3.- Other short-term creditors : 32390

4.458,00

2.790,00

1.292,00

0,00

106,00

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

0,00

V. Trade creditors and other accounts payable: 32500

1.294.471,00

1.002.946,00

922.381,00

1.184.506,00

1.205.411,00

1.- Suppliers: 32580

691.464,00

583.783,00

564.306,00

659.655,00

710.653,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

691.464,00

583.783,00

564.306,00

659.655,00

710.653,00

2.- Other creditors : 32590

603.007,00

419.163,00

358.075,00

524.852,00

494.758,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

4.885.175,00

4.416.313,00

4.361.960,00

4.835.098,00

4.917.702,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

6.120.899,00

4.983.789,00

4.843.242,00

4.941.064,00

5.273.295,00

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

-2.992.026,00

-2.730.373,00

-2.644.230,00

-2.643.448,00

-3.009.166,00

5. Other operating income: 40500

108.991,00

230.246,00

171.979,00

172.032,00

150.599,00

6. Personnel costs: 40600

-1.268.828,00

-1.128.547,00

-1.161.371,00

-1.149.956,00

-1.217.760,00

7. Other operating costs: 40700

-1.208.244,00

-965.056,00

-881.430,00

-897.195,00

-897.209,00

8. Amortisation of fixed assets: 40800

-164.065,00

-170.310,00

-160.379,00

-148.181,00

-137.175,00

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

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

0,00

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

596.728,00

219.747,00

167.812,00

274.317,00

162.585,00

14. Financial income : 41400

15.642,00

14.451,00

5.224,00

2.789,00

6.207,00

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

0,00

b) Other financial income: 41490

15.642,00

14.451,00

5.224,00

2.789,00

6.207,00

15. Financial expenditure: 41500

-6.521,00

-11.732,00

-17.360,00

-15.380,00

-34.662,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

273,00

572,00

4.463,00

-1.699,00

1.140,00

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

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

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

9.395,00

3.290,00

-7.673,00

-14.290,00

-27.316,00

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

606.123,00

223.038,00

160.139,00

260.026,00

135.269,00

20. Income taxes: 41900

-168.394,00

-56.586,00

-41.378,00

-72.457,00

-34.573,00

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

437.729,00

166.452,00

118.761,00

187.569,00

100.697,00

> 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, Axesor 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:

1.567.612,00

1.690.554,00

2.147.472,00

2.245.332,00

2.188.939,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

13.265,00

26.092,00

37.978,00

23.815,00

2.983,00

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

2.983,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

1.545.459,00

1.655.575,00

1.688.001,00

1.800.023,00

1.694.463,00

1. Land and construction:

0,00

1.275.143,00

2. Technical installations and machinery:

0,00

174.466,00

3. Other installations, tools and furniture:

0,00

217.221,00

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

0,00

5. Other tangible assets:

0,00

27.633,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

8.887,00

9.287,00

79.287,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

7.846,00

8.199,00

70.000,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

1.041,00

1.088,00

9.287,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

412.206,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.317.564,00

2.725.759,00

2.626.694,00

3.001.972,00

3.140.969,00

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

0,00

II. Stocks:

644.506,00

675.656,00

608.411,00

570.325,00

663.795,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

327.315,00

343.134,00

308.984,00

289.642,00

337.111,00

3. Goods in process and semifinished ones:

42.191,00

44.231,00

39.828,00

37.335,00

43.454,00

4. Finished products:

275.000,00

288.291,00

259.599,00

243.348,00

283.230,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

1.478.682,00

1.355.032,00

1.185.273,00

1.298.085,00

1.619.544,00

1. Trade debtors / accounts receivable:

1.065.157,00

976.087,00

853.803,00

935.066,00

1.166.626,00

2. Accounts receivable, Group companies:

413.525,00

378.945,00

331.471,00

363.020,00

452.918,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

0,00

7. Provisions:

0,00

IV. Short-term investments:

0,00

10.000,00

50.238,00

200.000,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

10.000,00

50.238,00

200.000,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.194.376,00

695.071,00

823.010,00

1.083.324,00

657.631,00

VII. Prepayments and accrued income:

0,00

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

4.885.175,00

4.416.313,00

4.774.165,00

5.247.304,00

5.329.908,00

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

3.311.810,00

2.874.081,00

3.080.151,00

2.961.390,00

2.953.821,00

I. Subscribed capital:

62.684,00

66.771,00

II. Share premium:

26.685,00

III. Revaluation reserves:

0,00

70.029,00

IV. Reserves:

2.784.712,00

2.618.260,00

2.867.934,00

2.680.365,00

2.689.640,00

1. Legal reserve:

13.827,00

13.000,00

14.240,00

13.308,00

13.354,00

2. Reserves for own shares:

466.461,00

438.579,00

480.401,00

448.982,00

450.536,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

2.304.423,00

2.166.679,00

2.373.292,00

2.218.073,00

2.225.749,00

Differences due to capital adjustement to euros:

2,00

1,00

2,00

1,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

437.729,00

166.452,00

118.761,00

187.569,00

100.697,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

141.935,00

257.942,00

505.035,00

831.254,00

913.342,00

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:

106.357,00

224.762,00

427.951,00

697.938,00

776.166,00

1. Loans and other liabilities:

64.286,00

168.903,00

402.041,00

644.616,00

692.370,00

2. Long-term liabilities from capital leases:

42.072,00

55.859,00

25.910,00

53.322,00

83.796,00

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:

35.577,00

33.180,00

77.085,00

133.317,00

137.176,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

1.000,00

51.400,00

111.400,00

4. Long term payables to public bodies:

34.577,00

32.180,00

25.685,00

21.917,00

25.776,00

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:

1.431.431,00

1.284.290,00

1.188.979,00

1.454.659,00

1.462.745,00

I. Issued debentures and other marketable securities:

4.458,00

2.790,00

1.292,00

0,00

1. Non-convertible debentures:

4.458,00

2.790,00

1.292,00

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:

132.502,00

278.555,00

265.306,00

270.153,00

257.227,00

1. Loans and other liabilities:

106.240,00

233.201,00

234.368,00

231.639,00

210.345,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

26.262,00

45.354,00

30.937,00

38.514,00

46.883,00

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

3.176,00

2.681,00

2.592,00

3.030,00

4.649,00

1. Amounts owed to group companies:

3.176,00

2.681,00

2.592,00

3.030,00

4.649,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.291.294,00

1.000.265,00

919.789,00

1.181.476,00

1.007.537,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

688.288,00

581.101,00

561.714,00

656.625,00

1.007.537,00

3. Debts represented by notes payable:

603.007,00

419.163,00

358.075,00

524.852,00

0,00

V. Other creditors:

0,00

193.331,00

1. Public bodies:

0,00

139.225,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

106,00

4. Wages and salaries payable:

0,00

54.000,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

4.885.175,00

4.416.313,00

4.774.165,00

5.247.304,00

5.329.908,00

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

5.808.077,00

5.062.605,00

4.906.147,00

4.928.316,00

5.330.545,00

A.1. Operating consumption:

2.992.026,00

2.730.373,00

2.644.230,00

2.643.448,00

3.009.166,00

A.2. Staff Costs:

1.268.828,00

1.128.547,00

1.161.371,00

1.149.956,00

1.217.760,00

a) Wages, salaries et al.:

1.060.267,00

943.045,00

970.473,00

960.935,00

1.017.594,00

b) Social security costs:

208.560,00

185.502,00

190.897,00

189.021,00

200.166,00

A.3. Depreciation expense:

164.065,00

170.310,00

160.379,00

148.181,00

137.175,00

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

0,00

A.5. Other operating charges:

1.208.244,00

965.056,00

881.430,00

897.195,00

897.209,00

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

596.728,00

219.747,00

167.812,00

274.317,00

162.585,00

A.6. Financial and similar charges:

6.521,00

11.732,00

17.360,00

15.380,00

34.662,00

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:

6.521,00

11.732,00

17.360,00

15.380,00

34.662,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

0,00

1.699,00

0,00

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

9.395,00

3.290,00

0,00

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

606.123,00

223.038,00

160.139,00

260.026,00

135.269,00

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

0,00

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

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

A.13. Prior year expenses and losses:

0,00

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

0,00

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

606.123,00

223.038,00

160.139,00

260.026,00

135.269,00

A.14. Corporation Tax:

168.394,00

56.586,00

41.378,00

72.457,00

34.573,00

A.15. Miscellaneous taxes:

0,00

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

437.729,00

166.452,00

118.761,00

187.569,00

100.697,00

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

6.245.806,00

5.229.057,00

5.024.908,00

5.115.885,00

5.431.241,00

B.1. Operating income:

6.229.890,00

5.214.035,00

5.015.221,00

5.113.096,00

5.423.895,00

a) Net total sales:

6.120.899,00

4.983.789,00

4.843.242,00

4.941.064,00

5.273.295,00

b) Miscellaneous operating income:

108.991,00

230.246,00

171.979,00

172.032,00

150.599,00

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

0,00

B.2. Financial income:

15.642,00

14.451,00

5.224,00

2.789,00

6.207,00

a) Companies of the group:

15.118,00

13.966,00

5.049,00

2.696,00

5.999,00

b) In associated companies:

0,00

c) Miscellaneous:

525,00

485,00

175,00

94,00

208,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

273,00

572,00

4.463,00

0,00

1.140,00

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

0,00

7.673,00

14.290,00

27.316,00

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

0,00

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

0,00

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

0,00

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

0,00

B.7. Extraordinary income:

0,00

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

0,00

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

0,00

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

0,00

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

0,00

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

606.123,00

223.038,00

160.139,00

260.026,00

135.269,00

2. Results adjustments.: 61200

154.943,00

167.591,00

172.515,00

160.772,00

185.094,00

a) Fixed Assets Amortization (+).: 61201

164.065,00

170.310,00

160.379,00

148.181,00

137.175,00

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

0,00

19.464,00

g) Financial income (-).: 61207

-15.642,00

-14.451,00

-5.224,00

-2.789,00

-6.207,00

h) Financial Expenses (+). : 61208

6.521,00

11.732,00

17.360,00

15.380,00

34.662,00

3. Changes in current capital equity.: 61300

30.631,00

-203.025,00

-188.540,00

471.329,00

114.144,00

a) Stock (+/-).: 61301

31.150,00

-67.245,00

-38.086,00

93.470,00

200.270,00

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

-123.650,00

-169.759,00

112.812,00

321.458,00

77.867,00

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

0,00

10.000,00

40.238,00

149.762,00

0,00

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

123.131,00

23.979,00

-303.504,00

-93.362,00

-163.993,00

4. Other cash flows for operating activities.: 61400

9.122,00

2.719,00

-12.136,00

-12.591,00

-29.691,00

a) Interest payments (-). : 61401

-6.521,00

-11.732,00

-17.360,00

-15.380,00

-34.662,00

c) Interest collection (+). : 61403

15.642,00

14.451,00

5.224,00

2.789,00

6.207,00

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

0,00

-1.235,00

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

800.818,00

190.324,00

131.978,00

879.535,00

404.817,00

6. Payments for investment (-).: 62100

0,00

-14.163,00

-126.393,00

-32.689,00

b) Intangible fixed assets. : 62102

0,00

-14.163,00

-20.832,00

0,00

c) Fixed assets. : 62103

0,00

-105.561,00

-30.198,00

e) Other financial assets. : 62105

0,00

-2.491,00

7. Divestment payment collection (+). : 62200

122.943,00

44.711,00

112.023,00

70.000,00

260.000,00

a) Companies of the group and affiliates. : 62201

0,00

70.000,00

260.000,00

b) Intangible fixed assets. : 62202

12.827,00

11.886,00

0,00

c) Fixed assets. : 62203

110.116,00

32.426,00

112.023,00

0,00

e) Other financial assets. : 62205

0,00

400,00

0,00

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

-41.122,00

-125.599,00

-62.519,00

-204.573,00

227.311,00

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

0,00

39.683,00

0,00

-180.000,00

0,00

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

0,00

-372.522,00

0,00

-180.000,00

0,00

d) Disposal of own equity instruments (+). : 63104

0,00

412.206,00

0,00

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

-260.392,00

-232.347,00

-329.774,00

-69.269,00

-231.776,00

a) Issuance : 63201

4.066,00

52.358,00

7.790,00

21.294,00

16.674,00

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

0,00

2.729,00

21.294,00

16.674,00

4. Special characteristic debts (+). : 63205

0,00

44.365,00

0,00

5. Other debts (+). : 63206

4.066,00

7.993,00

5.060,00

0,00

b) Repayment and amortization of : 63207

-264.458,00

-284.705,00

-337.564,00

-90.562,00

-248.450,00

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

-231.579,00

-234.305,00

-242.575,00

-47.754,00

-248.450,00

4. Special characteristic debts (-). : 63211

-32.879,00

0,00

-34.989,00

-38.843,00

0,00

5. Other debts (-). : 63212

0,00

-50.400,00

-60.000,00

-3.966,00

0,00

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

0,00

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

-260.392,00

-192.664,00

-329.774,00

-249.269,00

-231.776,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

499.305,00

-127.939,00

-260.315,00

425.693,00

400.353,00

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

695.071,00

823.010,00

1.083.324,00

657.631,00

257.278,00

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

1.194.376,00

695.071,00

823.010,00

1.083.324,00

657.631,00

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:

0,08 %

0,02 %

-0,03 %

0,17 %

417,77 %

-87,66 %

EBITDA over Sales:

12,43 %

-1,70 %

7,83 %

7,58 %

58,81 %

-122,50 %

Cash Flow Yield:

0,10 %

0,00 %

-0,03 %

0,04 %

452,81 %

-87,65 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

12,24 %

-12,97 %

4,99 %

0,51 %

145,44 %

-2.623,44 %

Total economic profitability:

12,54 %

-3,56 %

5,32 %

-0,03 %

135,91 %

-12.851,89 %

Financial profitability:

13,22 %

-12,54 %

5,79 %

-3,94 %

128,22 %

-218,07 %

Margin:

9,58 %

-25,80 %

4,21 %

0,94 %

127,27 %

-2.843,86 %

Mark-up:

9,73 %

-22,71 %

4,28 %

-6,14 %

127,44 %

-269,77 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,83

0,16

0,54

0,16

54,17

3,59

Acid Test:

1,87

1,22

1,60

0,86

16,98

40,79

Working Capital / Investment:

0,39

0,08

0,33

0,08

18,29

-0,66

Solvency:

2,32

1,69

2,12

1,43

9,20

18,38

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,48

1,07

0,54

1,07

-11,47

0,12

Borrowing Composition:

0,10

0,95

0,20

1,22

-50,63

-22,16

Repayment Ability:

3,15

105,84

-12,05

14,17

126,14

646,95

Warranty:

3,10

2,10

2,86

1,94

8,43

8,40

Generated resources / Total creditors:

0,38

-0,07

0,22

0,01

75,16

-635,29

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,60

0,94

1,35

1,30

18,87

-28,12

Turnover of Collection Rights :

4,21

2,91

3,85

3,64

9,49

-20,08

Turnover of Payment Entitlements:

3,24

2,36

3,68

2,35

-11,94

0,43

Stock rotation:

8,74

2,57

7,39

2,20

18,24

16,85

Assets turnover:

1,28

0,50

1,18

0,55

7,99

-8,03

Borrowing Cost:

0,41

3,40

0,76

2,83

-45,52

20,31

> 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:

0,08 %

-0,03 %

-0,05 %

0,09 %

7,59 %

EBITDA over Sales:

12,43 %

7,83 %

6,78 %

8,55 %

5,68 %

Cash Flow Yield:

0,10 %

-0,03 %

-0,06 %

0,09 %

8,14 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

12,24 %

4,99 %

3,86 %

5,74 %

3,51 %

Total economic profitability:

12,54 %

5,32 %

4,07 %

5,70 %

3,46 %

Financial profitability:

13,22 %

5,79 %

4,45 %

7,36 %

3,96 %

Margin:

9,58 %

4,21 %

3,35 %

5,36 %

3,00 %

Mark-up:

9,73 %

4,28 %

3,19 %

5,09 %

-0,50 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,83

0,54

0,69

0,74

0,45

Acid Test:

1,87

1,60

1,70

1,67

1,69

Working Capital / Investment:

0,39

0,33

0,32

0,34

Solvency:

2,32

2,12

2,21

2,06

2,15

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,48

0,54

0,63

0,90

0,93

Borrowing Composition:

0,10

0,20

0,42

0,57

0,62

Repayment Ability:

3,15

-12,05

-6,51

5,37

-16,52

Warranty:

3,10

2,86

2,57

2,12

2,07

Generated resources / Total creditors:

0,38

0,22

0,16

0,15

0,10

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,60

1,35

1,28

1,37

1,25

Turnover of Collection Rights :

4,21

3,85

4,23

3,94

3,35

Turnover of Payment Entitlements:

3,24

3,68

3,82

2,99

3,24

Stock rotation:

8,74

7,39

7,97

8,48

7,93

Assets turnover:

1,28

1,18

1,15

1,07

1,17

Borrowing Cost:

0,41

0,76

1,02

0,67

1,46

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.93
UK Pound	1	Rs. 98.26
Euro	1	Rs. 72.36

INFORMATION DETAILS

Analysis Done by :	RSM

Report Prepared by :	DPT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

lEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Unit