MIRA INFORM REPORT

Report No. :	325978
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	PEVESA BIOTECH SA

Registered Office :	Av/ De La Industria, S/N - P.I.Poliviso - Viso Del Alcor (El) - 41520 - Sevilla

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	13.12.1996

Legal Form :	Public Company

Line of Business :	Manufacture of other organic basic chemicals.

No. of Employee :	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	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:

PEVESA BIOTECH SA

NIF / Fiscal code:

A41825050

Status:

ACTIVE

Incorporation Date:

13/12/1996

Register Data

Last Publication in BORME:

24/05/2013 [Miscellaneous Concepts]

Last Published Account Deposit:

2013

Share Capital:

1.932.563,58

Localization:

AV/ DE LA INDUSTRIA, S/N - P.I.POLIVISO - VISO DEL ALCOR (EL) - 41520 - SEVILLA

Telephone - Fax - Email - Website:

Telephone. 955 946 024 Email. INFO@PEVESA.COM Website. WWW.PEVESA.COM

Activity:

NACE:

2014 - Manufacture of other organic basic chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

10 for a total cost of 1423335.07

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:

CAIXA INVIERTE INDUSTRIA SCR

22.22 %

MILAR VENTURES SOCIEDAD LIMITADA

28.95 %

SUAN BIOTECH FCR

48.82 %

Identification

Social Denomination:

PEVESA BIOTECH SA

NIF / Fiscal code:

A41825050

Corporate Status:

ACTIVE

Start of activity:

1997

Registered Office:

AV/ DE LA INDUSTRIA, S/N - P.I.POLIVISO

Locality:

VISO DEL ALCOR (EL)

Province:

SEVILLA

Postal Code:

41520

Telephone:

955 946 024

Fax:

955 945 620

Website:

WWW.PEVESA.COM

Email:

INFO@PEVESA.COM

Branch Offices

Activity

NACE:

2014

Legal Form:

DESIGN, MANUFACTURE AND COMMERCIALISATION OF VEGETABLE PROTEINS AND OTHER ALIMENTARY, PHARMACEUTICAL, MEDICINAL OR COSMETIC PRODUCT OF ANY KIND.

Additional Information:

The company is engaged in the development with proteins for obtaingin isolated, hydrolised, peptides, amino acids destined to the following sectors: Food Nutraceuticals Growing medium and fermentations Cosmetics Organic farming

Additional Address:

AV/ DE LA INDUSTRIA, S/N - P.I.POLIVISO 41520 EL VISO DEL ALCOR ( SEVILLA ) , registered office, laboratory, offices, storage, installations, in property.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1997

Appointments/ Re-elections (2) Company Formation (1)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Change of Social address (1) Increase of Capital (3) Other Concepts/ Events (1) Statutory Modifications (4)

2000

Accounts deposit (year 1999) Increase of Capital (2) Statutory Modifications (2)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Increase of Capital (3) Statutory Modifications (3)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Correction (2) Increase of Capital (1) Statutory Modifications (1)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (3) Capital Reduction (3) Cessations/ Resignations/ Reversals (3) Increase of Capital (2) Statutory Modifications (3)

2006

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Statutory Modifications (1)

2007

Accounts deposit (year 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

2008

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

2009

Accounts deposit (year 2007)

2010

Accounts deposit (year 2008)

2011

Accounts deposit (year 2009, 2010)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (2) Company Transformation (1) Other Concepts/ Events (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Increase of Capital (2) Other Concepts/ Events (1) Statutory Modifications (1)

2014

Accounts deposit (year 2013)

Main Historic Changes

Concept

Publication

Act

Date

Corporate Purpose Changes:

DISEÑO, FABRICACION Y COMERCIALIZACION DE PROTEINAS VEGETALES Y CUALQUIER OTRO PRODUCTO ALIMENTARIO.

Company Formation

03/03/1997

Breakdown of Owners' Equity

Registered Capital:

1.932.563,58

Paid up capital:

1.932.563,58

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1109

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

11/02/1997

Company Formation

3.606

19/02/1999

Increase of Capital

35.460

39.066

19/02/1999

Increase of Capital

21.035

60.101

15/03/1999

Increase of Capital

24.852

84.953

05/10/2000

Increase of Capital

11.467

96.420

05/10/2000

Increase of Capital

63.785

160.206

12/02/2001

Increase of Capital

18.541

178.747

12/02/2001

Increase of Capital

103.128

281.875

20/11/2001

Increase of Capital

150.253

432.128

15/04/2002

Increase of Capital

300.491

732.619

04/03/2003

Increase of Capital

1.199.993

1.932.612

05/05/2005

Capital Reduction

-1.929.601

3.011

14/07/2005

Increase of Capital

1.464.397

1.467.408

14/07/2005

Increase of Capital

1.464.397

1.467.408

14/07/2005

Capital Reduction

-1.083.849

383.558

14/07/2005

Capital Reduction

-1.083.849

383.558

12/11/2007

Increase of Capital

750.000

1.133.558

14/05/2013

Increase of Capital

83.245

1.216.803

14/05/2013

Increase of Capital

715.761

1.932.564

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ABOGADOS Y TECNOLOGIA SL

12/04/2013

MEMBER OF THE BOARD

ABOGADOS Y TECNOLOGIA SL

12/04/2013

CORPORACION HISPANO FRANCESA DE NEGOCIO SL

12/04/2013

CAIXA INNVIERTE INDUSTRIA S.C.R. DE REGIMEN SIMPLI

12/04/2013

ARA SANZ HECTOR FRANCISCO

05/12/2012

SUANFARMA BIOTECH SGERCR SA

05/12/2012

JOINT ATTORNEY/COMBINED PROXY

LUCIO VILLEGAS CAMARA ALFONSO

08/02/2006

CHIEF EXECUTIVE OFFICER

ABOGADOS Y TECNOLOGIA SL

12/04/2013

NON CONSELLOR SECRETARY

MORALES CRESPO MARTA

12/04/2013

NON CONSELLOR ASSISTANT SECRETARY

SILVA SABELL MARINA

12/04/2013

REPRESENTATIVE

JOSE SELFA DE LA GANDARA

24/06/2003

ACCOUNTS' AUDITOR / HOLDER

ATTEST SERVICIOS EMPRESARIALES SL

14/05/2013

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AL ANDALUS INVERSIONES AGROALIMENTARIAS E INDUSTRI

MEMBER OF THE BOARD

12/11/2007

ALBERTO ALONSO LOBO

MEMBER OF THE BOARD

12/11/2007

ALONSO LOBO ALBERTO

MEMBER OF THE BOARD

22/02/2005

ANA BURGOS DE MARIA

SECRETARY

18/05/2004

ANTONIO BUSTAMANTE LEON

REPRESENTATIVE

24/06/2003

BURGOS DE MARIA ANA

SECRETARY

18/05/2004

CAAMAÑO VARA ANA ROSA

MEMBER OF THE BOARD

12/04/2013

SECRETARY

12/04/2013

CALZADA TORRADOS BLAS

MEMBER OF THE BOARD

22/02/2005

DE LA MAZA ARROYO SOFIA

JOINT ATTORNEY

14/05/2013

COMBINED PROXY

14/05/2013

DEL VALLE ESTEVE LUIS

MEMBER OF THE BOARD

12/04/2013

FERNANDEZ LOPEZ FRANCISCO JAVIER

JOINT ATTORNEY

14/05/2013

COMBINED PROXY

14/05/2013

GRUPO EMPRESARIAL EL MONTE SL

MEMBER OF THE BOARD

06/02/2006

CHIEF EXECUTIVE OFFICER

06/02/2006

PRESIDENT

06/02/2006

JOSE TOMAS PAREJO GIMENEZ DE ARAGON

MEMBER OF THE BOARD

12/11/2007

LEOPOLDO RODADO ALBERTO

MEMBER OF THE BOARD

06/02/2006

LUCIO VILLEGAS CAMARA ALFONSO

MEMBER OF THE BOARD

12/11/2007

SECRETARY

12/11/2007

MARTINEZ LAFUENTE GRACIANO

MEMBER OF THE BOARD

12/02/2001

PROXY

05/03/2002

MEMBER OF THE BOARD

19/02/1999

VICE CHAIRMAN

19/02/1999

MIELGO IZA IÑAKI

MEMBER OF THE BOARD

12/11/2007

JOINT ATTORNEY/COMBINED PROXY

27/08/2008

CHIEF EXECUTIVE OFFICER

12/04/2013

JOINT ATTORNEY/COMBINED PROXY

14/05/2013

JOINT ATTORNEY

14/05/2013

COMBINED PROXY

14/05/2013

JOINT ADMINISTRATOR

05/12/2012

MEMBER OF THE BOARD

12/04/2013

PAREJO GIMENEZ DE ARAGON JOSE TOMAS

MEMBER OF THE BOARD

18/05/2004

POZAS SALOM MARTA

SECRETARY

06/02/2006

REYES CLAVIJO DOMINGUEZ

MEMBER OF THE BOARD

06/02/2006

RICO ARDANAZ ALEJANDRO

PROXY

05/03/2002

RICO ARDANAZ JOSE ALEJANDRO

MEMBER OF THE BOARD

19/02/1999

SECRETARY

19/02/1999

SECRETARY

12/02/2001

MEMBER OF THE BOARD

12/02/2001

SECRETARY

12/02/2001

MEMBER OF THE BOARD

12/02/2001

RONDA HERNANDEZ FRANCISCO

PROXY

08/02/2006

PRESIDENT

12/11/2007

MEMBER OF THE BOARD

12/11/2007

JOINT ATTORNEY/COMBINED PROXY

14/05/2013

SANZ ALTAMIRA IÑIGO

MEMBER OF THE BOARD

19/02/1999

PRESIDENT

19/02/1999

MEMBER OF THE BOARD

04/03/2003

PRESIDENT

04/03/2003

SANZ GUTIERREZ ENRIQUE

SECRETARY

29/03/2001

MEMBER OF THE BOARD

12/02/2001

MEMBER OF THE BOARD

22/02/2005

SANZ GUTIERREZ PEDRO

MEMBER OF THE BOARD

06/02/2006

PROXY

15/03/1999

PROXY

05/03/2002

PROXY

24/01/2003

PROXY

29/07/2005

PRESIDENT

29/07/2005

SUANFARMA BIOTECH SGERCR SA

PRESIDENT

12/04/2013

JOINT ADMINISTRATOR

05/12/2012

VILLEGAS CAMARA ALFONSO LUCIO

JOINT ATTORNEY/COMBINED PROXY

14/05/2013

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.

Adequate level of financial autonomy. The financial autonomy of the entity represents the 31.43 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

The current debt represents a 26.83of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

No Company's subsidiaries or branches are known.

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

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:

4 Entities

IS RELATED WITH:

18 Entities

PARTICIPATES IN:

1 Entities

SHAREHOLDERS:

3 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CAIXA INVIERTE INDUSTRIA SCR

22.22

MILAR VENTURES SOCIEDAD LIMITADA

SEVILLA

28.95

SUAN BIOTECH FCR

48.82

PARTICIPATES IN

PROTEUS INVESTIGACION Y TECNOLOGIA NUTRICIONALES SL

SEVILLA

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

BJ INVERSIONES GENERALES AGOALIMENTARIAS 2006, S.L.

AGORA ALIMENTOS ARCO SL

NAVARRA

ACEITUNAS DE MESA SL

SEVILLA

CONGELADOS DE NAVARRA SA

NAVARRA

ACUIGROUP MARE MAR SL EN LIQUIDACION

VALENCIA

ALIMENTOS Y DERIVADOS NAVARRA SA

NAVARRA

DEOLEO SA

CORDOBA

PESCANOVA SA

PONTEVEDRA

CULTIVOS Y TECNOLOGIA AGRARIA DE TENERIFE S.A

SANTA CRUZ DE TENERIFE

ORGANIZACION DE LA PATATA EN EL PIRINEO OCCIDENTAL SA

NAVARRA

CONSORCIO DE JABUGO SA

SEVILLA

HUDISA DESARROLLO INDUSTRIAL SA

HUELVA

FAST DRINKS 2005 S.L.

VALLADOLID

GRUPO RIBEREBRO INTEGRAL SL

LA RIOJA

INVESTBYA HOLDING SL

NAVARRA

SUANFARMA BIOTECH S.G.E.C.R. SA.

MADRID

IS RELATED WITH

CAIXABANK SA

BARCELONA

CORPORACION EMPRESARIAL CAJASOL SA

SEVILLA

HAS IN ITS ADMINISTRATION BOARD TO

SUANFARMA BIOTECH S.G.E.C.R. SA.

MADRID

CAIXA INNVIERTE INDUSTRIA SCR DE REGIMEN SIMPLIFICADO SA

BARCELONA

ABOGADOS Y TECNOLOGIA SL

LA CORUÑA

CORPORACION HISPANO FRANCESA DE NEGOCIO SL

MADRID

Turnover

Total Sales 2014

3.800.000

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

August 2013

2011

Normales

September 2012

2010

Normales

August 2011

2009

Normales

April 2011

2008

Normales

February 2010

2007

Normales

November 2009

2006

Normales

December 2007

2005

Normales

December 2006

2004

Normales

September 2005

2003

Normales

July 2004

2002

Normales

November 2003

2001

Normales

November 2002

2000

Normales

October 2001

1999

Normales

October 2000

1998

Normales

September 1999

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. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

3.283.763,00

1.877.505,00

1.912.632,00

1.999.242,00

1.945.430,00

I. Intangible fixed assets : 11100

268,00

348,00

409,00

1.712,00

40.246,00

II. Tangible fixed assets : 11200

2.354.833,00

931.552,00

943.768,00

1.020.931,00

1.102.500,00

III. Real estate investment: 11300

0,00

1.596,00

0,00

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

0,00

V. Long-term financial investments: 11500

20.597,00

0,00

1.596,00

1.597,00

VI. Assets for deferred tax : 11600

908.065,00

944.009,00

966.859,00

975.003,00

801.087,00

VII. Non-current trade debtors : 11700

0,00

B) CURRENT ASSETS: 12000

2.139.364,00

1.089.909,00

639.422,00

563.097,00

358.861,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

467.426,00

169.981,00

120.751,00

192.295,00

56.917,00

III. Trade debtors and others receivable accounts: 12300

1.558.134,00

847.123,00

508.050,00

345.294,00

235.753,00

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

1.558.134,00

643.868,00

442.153,00

300.040,00

185.325,00

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

0,00

b) Customers for sales and provisions of services : 12382

1.558.134,00

643.868,00

442.153,00

300.040,00

185.325,00

2.- Called up share capital : 12370

0,00

3.- Other accounts receivable : 12390

0,00

203.255,00

65.897,00

45.254,00

50.428,00

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

0,00

V. Short-term financial investments : 12500

0,00

VI. Short-term accruals: 12600

0,00

VII. Cash and other equivalent liquid assets : 12700

113.804,00

72.805,00

10.621,00

25.508,00

66.191,00

TOTAL ASSETS (A + B) : 10000

5.423.127,00

2.967.414,00

2.552.054,00

2.562.339,00

2.304.291,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

1.966.995,00

201.205,00

110.606,00

100.531,00

85.537,00

A1) Shareholders' equity : 21000

1.704.438,00

201.205,00

110.606,00

86.173,00

53.101,00

I. Capital: 21100

1.932.564,00

1.133.558,00

1.- Registered capital: 21110

1.932.564,00

1.133.558,00

2.- (Uncalled capital) : 21120

0,00

II. Share premium: 21200

596.396,00

0,00

III. Reserves: 21300

-9.560,00

0,00

-9.560,00

-9.561,00

IV. (Common stock equity): 21400

0,00

V. Profit or loss brought forward: 21500

-922.793,00

-1.013.392,00

-1.047.385,00

-1.070.896,00

-1.088.372,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

107.831,00

90.599,00

24.433,00

33.071,00

17.476,00

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

262.557,00

0,00

14.358,00

32.436,00

B) NON-CURRENT LIABILITIES: 31000

2.001.323,00

1.792.970,00

1.593.686,00

1.733.215,00

1.769.989,00

I. Long-term provisions: 31100

0,00

II. Long-term creditors : 31200

1.913.804,00

1.646.021,00

1.593.686,00

1.651.361,00

1.683.988,00

1.- Amounts owed to credit institutions: 31220

1.458.576,00

1.646.021,00

1.593.686,00

1.651.361,00

1.683.988,00

2.- Creditors from financial leasing : 31230

0,00

3.- Other long-term creditors : 31290

455.228,00

0,00

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

0,00

146.949,00

0,00

77.068,00

75.189,00

IV. Liabilities for deferred tax: 31400

87.519,00

0,00

4.786,00

10.812,00

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

1.454.809,00

973.239,00

847.762,00

728.593,00

448.764,00

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

490.299,00

104.801,00

181.968,00

185.662,00

84.450,00

1.- Amounts owed to credit institutions: 32320

456.966,00

104.801,00

115.921,00

185.662,00

29.174,00

2.- Creditors from financial leasing : 32330

0,00

3.- Other short-term creditors : 32390

33.333,00

0,00

66.047,00

0,00

55.276,00

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

0,00

86.249,00

3.445,00

0,00

V. Trade creditors and other accounts payable: 32500

964.510,00

868.438,00

579.545,00

539.486,00

364.314,00

1.- Suppliers: 32580

698.229,00

843.491,00

570.785,00

529.996,00

301.071,00

a) Long-term debts : 32581

0,00

b) Short-term debts : 32582

698.229,00

843.491,00

570.785,00

529.996,00

301.071,00

2.- Other creditors : 32590

266.281,00

24.947,00

8.760,00

9.490,00

63.244,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

5.423.127,00

2.967.414,00

2.552.054,00

2.562.339,00

2.304.291,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

3.275.963,00

2.319.423,00

1.609.157,00

1.096.356,00

604.340,00

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

176.118,00

0,00

1.175.704,00

285.639,00

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

0,00

4. Supplies : 40400

-1.905.953,00

-1.224.387,00

-800.363,00

-1.704.806,00

-629.373,00

5. Other operating income: 40500

79.674,00

98.821,00

75.170,00

54.427,00

94.968,00

6. Personnel costs: 40600

-408.872,00

-293.465,00

-224.676,00

-208.475,00

-166.323,00

7. Other operating costs: 40700

-861.582,00

-605.654,00

-477.384,00

-390.914,00

-299.598,00

8. Amortisation of fixed assets: 40800

-86.715,00

-80.603,00

-81.427,00

-97.674,00

-107.924,00

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

0,00

19.144,00

24.104,00

10. Excess provisions : 41000

0,00

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

0,00

-4.356,00

-23.642,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

2.291,00

-3.138,00

3.806,00

304,00

0,00

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

270.924,00

210.997,00

119.071,00

-74.616,00

-194.167,00

14. Financial income : 41400

596,00

7,00

0,00

77,00

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

0,00

b) Other financial income: 41490

596,00

7,00

0,00

77,00

15. Financial expenditure: 41500

-123.663,00

-100.185,00

-86.510,00

-66.990,00

-72.699,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-4.082,00

2.630,00

16,00

761,00

-2.474,00

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

-127.149,00

-97.548,00

-86.494,00

-66.229,00

-75.097,00

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

143.775,00

113.449,00

32.577,00

-140.845,00

-269.263,00

20. Income taxes: 41900

-35.944,00

-22.850,00

-8.144,00

173.916,00

286.739,00

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

107.831,00

90.599,00

24.433,00

33.071,00

17.476,00

> 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

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.375.698,00

933.496,00

945.773,00

1.024.239,00

1.144.343,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

268,00

348,00

409,00

1.712,00

40.246,00

III. Tangible fixed assets:

2.354.833,00

933.148,00

943.768,00

1.020.931,00

1.102.500,00

IV. Financial investments:

20.597,00

0,00

1.596,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

3.047.429,00

2.033.918,00

1.606.281,00

1.538.100,00

1.159.948,00

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

0,00

II. Stocks:

467.426,00

169.981,00

120.751,00

192.295,00

56.917,00

III. Debtors:

2.466.199,00

1.791.132,00

1.474.909,00

1.320.297,00

1.036.840,00

IV. Short-term investments:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

113.804,00

72.805,00

10.621,00

25.508,00

66.191,00

VII. Prepayments and accrued income:

0,00

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

5.423.127,00

2.967.414,00

2.552.054,00

2.562.339,00

2.304.291,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

1.704.438,00

201.205,00

110.606,00

86.173,00

53.101,00

I. Subscribed capital:

1.932.564,00

1.133.558,00

II. Share premium:

596.396,00

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

-9.560,00

0,00

-9.560,00

-9.561,00

a) Differences for capital adjustment to euros:

0,00

b) Remaining Reserves:

-9.560,00

0,00

-9.560,00

-9.561,00

V. Profit or loss brought forward:

-922.793,00

-1.013.392,00

-1.047.385,00

-1.070.896,00

-1.088.372,00

VI. Profit or loss for the financial year:

107.831,00

90.599,00

24.433,00

33.071,00

17.476,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

262.557,00

0,00

14.358,00

32.436,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

D) LONG TERM LIABILITIES:

2.001.323,00

1.792.970,00

1.593.686,00

1.733.215,00

1.769.989,00

E) SHORT TERM CREDITORS:

1.454.809,00

973.239,00

847.762,00

728.593,00

448.764,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

5.423.127,00

2.967.414,00

2.552.054,00

2.562.339,00

2.304.291,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

3.250.693,00

2.330.282,00

1.682.860,00

1.142.881,00

706.013,00

A.1. Operating consumption:

1.729.835,00

1.224.387,00

800.363,00

529.102,00

343.734,00

A.2. Staff Costs:

408.872,00

293.465,00

224.676,00

208.475,00

166.323,00

a) Wages, salaries et al.:

408.872,00

293.465,00

224.676,00

208.475,00

166.323,00

b) Social security costs:

0,00

A.3. Depreciation expense:

86.715,00

80.603,00

81.427,00

97.674,00

107.924,00

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

0,00

A.5. Other operating charges:

861.582,00

605.654,00

477.384,00

390.914,00

299.598,00

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

268.633,00

214.135,00

100.477,00

0,00

A.6. Financial and similar charges:

123.663,00

100.185,00

86.510,00

66.990,00

72.699,00

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:

123.663,00

100.185,00

86.510,00

66.990,00

72.699,00

d) Losses from financial investments:

0,00

A.7. Financial investment provision change:

0,00

A.8. Exchange losses:

4.082,00

0,00

2.474,00

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

0,00

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

141.484,00

116.587,00

13.983,00

0,00

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

4.356,00

23.642,00

0,00

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

0,00

A.12. Extraordinary expenses:

0,00

3.138,00

0,00

A.13. Prior year expenses and losses:

0,00

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

2.291,00

0,00

18.594,00

766,00

24.104,00

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

143.775,00

113.449,00

32.577,00

0,00

A.14. Corporation Tax:

35.944,00

22.850,00

8.144,00

-173.916,00

-286.739,00

A.15. Miscellaneous taxes:

0,00

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

107.831,00

90.599,00

24.433,00

33.071,00

17.476,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

3.358.524,00

2.420.881,00

1.707.293,00

1.175.952,00

723.489,00

B.1. Operating income:

3.355.637,00

2.418.244,00

1.684.327,00

1.150.783,00

699.308,00

a) Net total sales:

3.275.963,00

2.319.423,00

1.609.157,00

1.096.356,00

604.340,00

b) Miscellaneous operating income:

79.674,00

98.821,00

75.170,00

54.427,00

94.968,00

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

0,00

75.382,00

218.271,00

B.2. Financial income:

596,00

7,00

0,00

77,00

a) Companies of the group:

596,00

7,00

0,00

77,00

b) In associated companies:

0,00

c) Miscellaneous:

0,00

d) Profit on financial investment:

0,00

B.3. Exchange gains:

0,00

2.630,00

16,00

761,00

0,00

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

127.149,00

97.548,00

86.494,00

66.229,00

75.097,00

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

0,00

141.611,00

293.367,00

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

19.144,00

24.104,00

B.7. Extraordinary income:

2.291,00

0,00

3.806,00

304,00

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

3.138,00

0,00

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

0,00

140.845,00

269.263,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

143.775,00

113.449,00

32.577,00

-140.845,00

-269.263,00

2. Results adjustments.: 61200

209.782,00

180.781,00

167.937,00

164.664,00

180.546,00

a) Fixed Assets Amortization (+).: 61201

86.715,00

80.603,00

81.427,00

97.674,00

107.924,00

g) Financial income (-).: 61207

-596,00

-7,00

0,00

-77,00

h) Financial Expenses (+). : 61208

123.663,00

100.185,00

86.510,00

66.990,00

72.699,00

3. Changes in current capital equity.: 61300

-948.328,00

-122.260,00

-59.297,00

104.169,00

460.027,00

a) Stock (+/-).: 61301

-297.445,00

-49.230,00

71.544,00

-135.378,00

-5.588,00

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

-711.011,00

-339.073,00

-162.756,00

-109.541,00

-87.207,00

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

60.128,00

266.043,00

31.915,00

349.088,00

552.822,00

4. Other cash flows for operating activities.: 61400

-123.067,00

-100.178,00

-86.510,00

-66.990,00

-72.622,00

a) Interest payments (-). : 61401

-123.663,00

-100.185,00

-86.510,00

-66.990,00

-72.699,00

c) Interest collection (+). : 61403

596,00

7,00

0,00

77,00

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

-717.838,00

71.792,00

54.707,00

60.998,00

298.688,00

6. Payments for investment (-).: 62100

-1.443.878,00

-1.596,00

0,00

-173.916,00

-286.740,00

a) Companies of the group and affiliates. : 62101

0,00

c) Fixed assets. : 62103

-1.423.281,00

0,00

d) Real estate investment. : 62104

0,00

-1.596,00

0,00

e) Other financial assets. : 62105

-20.597,00

0,00

-1,00

h) Other assets. : 62108

0,00

-173.916,00

-286.739,00

7. Divestment payment collection (+). : 62200

37.620,00

36.723,00

86.610,00

120.104,00

110.017,00

a) Companies of the group and affiliates. : 62201

0,00

b) Intangible fixed assets. : 62202

80,00

61,00

1.303,00

38.534,00

24.910,00

c) Fixed assets. : 62203

0,00

12.216,00

77.163,00

81.569,00

85.107,00

d) Real estate investment. : 62204

1.596,00

0,00

e) Other financial assets. : 62205

0,00

1.596,00

0,00

1,00

0,00

h) Other assets. : 62208

35.944,00

22.850,00

8.144,00

0,00

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

-1.492.973,00

-45.476,00

5.183,00

-151.486,00

-284.646,00

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

1.657.959,00

0,00

-14.358,00

-18.077,00

-14.711,00

a) Issuance of equity instruments (+). : 63101

1.395.402,00

0,00

1,00

0,00

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

0,00

-1,00

e) Grants, donations and bequests received (+). : 63105

262.557,00

0,00

-14.358,00

-18.078,00

-14.710,00

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

593.851,00

35.868,00

-60.419,00

67.883,00

16.778,00

a) Issuance : 63201

928.245,00

199.284,00

148.851,00

161.812,00

601.054,00

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

352.165,00

52.335,00

0,00

156.488,00

592.758,00

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

0,00

146.949,00

82.804,00

5.324,00

189,00

5. Other debts (+). : 63206

576.080,00

0,00

66.047,00

0,00

8.107,00

b) Repayment and amortization of : 63207

-334.394,00

-163.416,00

-209.270,00

-93.929,00

-584.276,00

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

-187.445,00

-11.120,00

-127.416,00

-32.627,00

-21.127,00

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

-146.949,00

-86.249,00

-77.068,00

0,00

5. Other debts (-). : 63212

0,00

-66.047,00

-4.786,00

-61.302,00

-563.149,00

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

0,00

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

2.251.810,00

35.868,00

-74.777,00

49.806,00

2.067,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

40.999,00

62.184,00

-14.887,00

-40.683,00

16.108,00

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

72.805,00

10.621,00

25.508,00

66.191,00

50.083,00

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

113.804,00

72.805,00

10.621,00

25.508,00

66.191,00

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:

0,01 %

0,02 %

0,03 %

0,00 %

-53,32 %

EBITDA over Sales:

10,85 %

-1,74 %

12,71 %

2,62 %

-14,64 %

-166,40 %

Cash Flow Yield:

0,01 %

0,00 %

0,02 %

0,00 %

-63,92 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

4,97 %

-13,00 %

7,22 %

0,95 %

-31,09 %

-1.464,98 %

Total economic profitability:

4,93 %

-3,58 %

7,20 %

1,35 %

-31,50 %

-365,13 %

Financial profitability:

6,33 %

-12,62 %

45,03 %

-0,34 %

-85,95 %

-3.608,32 %

Margin:

8,01 %

-26,01 %

8,85 %

1,06 %

-9,59 %

-2.549,86 %

Mark-up:

4,22 %

-22,92 %

4,82 %

-0,22 %

-12,55 %

-10.114,50 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,08

0,16

0,07

0,23

4,57

-30,40

Acid Test:

1,15

1,21

0,95

1,07

21,59

12,87

Working Capital / Investment:

0,13

0,08

0,04

0,21

221,05

-62,51

Solvency:

2,09

1,69

2,09

1,79

0,23

-5,89

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,76

1,07

13,75

1,08

-87,22

-0,19

Borrowing Composition:

1,38

0,95

1,84

0,80

-25,33

19,03

Repayment Ability:

84,30

105,24

44,48

-1.451,83

89,50

107,25

Warranty:

1,57

2,10

1,07

1,93

46,27

8,53

Generated resources / Total creditors:

0,06

-0,07

0,06

0,04

-9,05

-250,57

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,87

0,93

2,00

1,11

-6,75

-15,56

Turnover of Collection Rights :

2,15

2,89

2,85

4,25

-24,56

-31,90

Turnover of Payment Entitlements:

3,05

2,36

2,11

2,76

44,83

-14,29

Stock rotation:

6,60

2,56

12,97

3,66

-49,07

-30,17

Assets turnover:

0,62

0,50

0,81

0,90

-23,78

-44,28

Borrowing Cost:

3,58

3,40

3,62

2,43

-1,21

39,86

> 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:

0,01 %

0,03 %

-0,01 %

-3,71 %

2,67 %

EBITDA over Sales:

10,85 %

12,71 %

11,30 %

2,03 %

-18,26 %

Cash Flow Yield:

0,01 %

0,02 %

-0,01 %

-1,59 %

0,70 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

4,97 %

7,22 %

4,52 %

-2,93 %

-8,43 %

Total economic profitability:

4,93 %

7,20 %

4,67 %

-2,88 %

-8,53 %

Financial profitability:

6,33 %

45,03 %

22,09 %

38,38 %

32,91 %

Margin:

8,01 %

8,85 %

6,84 %

-6,51 %

-27,77 %

Mark-up:

4,22 %

4,82 %

1,71 %

-12,27 %

-38,50 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,08

0,07

0,01

0,04

0,15

Acid Test:

1,15

0,95

0,61

0,51

0,67

Working Capital / Investment:

0,13

0,04

-0,08

-0,06

-0,04

Solvency:

2,09

1,89

2,11

2,58

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,76

13,75

22,07

24,49

25,94

Borrowing Composition:

1,38

1,84

1,88

2,38

3,94

Repayment Ability:

84,30

44,48

-164,00

103,35

-25,01

Warranty:

1,57

1,07

1,05

1,04

Generated resources / Total creditors:

0,06

0,04

0,05

0,06

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,87

2,00

1,81

1,11

0,34

Turnover of Collection Rights :

2,15

2,85

3,32

3,33

2,97

Turnover of Payment Entitlements:

3,05

2,11

2,20

6,06

3,33

Stock rotation:

6,60

12,97

13,12

6,38

16,12

Assets turnover:

0,62

0,81

0,66

0,45

0,30

Borrowing Cost:

3,58

3,62

3,54

2,72

3,28

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

JUNTA DE ANDALUCIA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Ampliación fabrica.

Amount Granted

321.761,00

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

79.214,00

Entity

JUNTA DE ANDALUCIA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Mejora sistemas de control.

Amount Granted

28.315,00

Entity

INSTITUTO DE COMERCIAL EXTERIOR

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

460,00

Entity

COMISION EUROPEA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

41.524,07

Notes

El importe reflejado es el transferido a resultados del ejercicio.

Entity

MINISTERIO DE CIENCIA Y TECNOLOGIA

Status

CONCEDIDA

Amount Granted

871,00

Notes

El importe reflejado es el transferido a resultados del ejercicio.

Entity

COMISION EUROPEA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Project

Proyecto LIFE

Amount Granted

433.524,00

Notes

La subvención fue concedida el 17 de julio de 1997. El importe traspasado a resultados durante el ejercicio asciende a 41.524,07 euros.

Entity

MINISTERIO DE CIENCIA Y TECNOLOGIA

Subsidy Concept

Subvención de capital.

Status

CONCEDIDA

Amount Granted

42.071,00

Notes

La subvención fue concedida el 4 de diciembre de 2001. El importe traspasado a resultados asciende a 5.461 euros.

Entity

COMISION EUROPEA

Status

CONCEDIDA

Project

PROYECTO LIFE

Amount Granted

433.524,00

Notes

IMPORTE IMPUTADO EN ESTE EJERCICIO 41.524 EUROS. IMPORTE RESTANTE A IMPUTAR 198.608 EUROS.

Entity

MINISTERIO DE CIENCIA Y TECNOLOGIA

Status

CONCEDIDA

Project

PROFIT 2001

Amount Granted

42.071,00

Notes

IMPORTE IMPUTADO EN ESTE EJERCICIO 5.461 EUROS. IMPORTE RESTANTE A IMPUTAR 16.385 EUROS.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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

Main Historic Changes

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Unit