MIRA INFORM REPORT

Report No. :	309313
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	BIOMENDI SA

Registered Office :	Pol. Bernedo, S/N. Ctra. Santa Cruz Bernedo Alava 01118

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	25.05.1992

Legal Form :	Public Company

Line of Business :	Manufacture of basic pharmaceutical products and pharmaceutical preparations

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 :	Slow but correct

Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Spain

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

SPAIN ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public FINANCES as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:

BIOMENDI SA

NIF / Fiscal code:

A01123645

Status:

ACTIVE

Incorporation Date:

25/05/1992

Register Data

Last Publication in BORME:

24/02/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

8.768.895,39

Localization:

POL. BERNEDO, S/N. CTRA. SANTA CRUZ - BERNEDO - 01118 - ALAVA

Telephone - Fax - Email - Website:

Ph.:. 945 378 237�� Email. biomendi@biomendi.com�� Website. www.biomendi.com

Activity:

NACE:

21 - Manufacture of basic pharmaceutical products and pharmaceutical preparations

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

7 for a total cost of NaN

Subsidies:

14 for a total cost of 454377.97

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:

SPAIN PHARMA SA

100 %

Identification

Social Denomination:

BIOMENDI SA

NIF / Fiscal code:

A01123645

Corporate Status:

ACTIVE

Start of activity:

1992

Registered Office:

POL. BERNEDO, S/N. CTRA. SANTA CRUZ

Locality:

BERNEDO

Province:

ALAVA

Postal Code:

01118

Telephone:

945 378 237

Fax:

945 378 228

Website:

www.biomendi.com

Email:

biomendi@biomendi.com

Activity

NACE:

CNAE Obtaining Source:

Additional Information:

The company is engaged in the manufacture of pharmaceuticals and healthcare products.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1992

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

1994

Dividends Payment (1)

1995

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

1996

Accounts deposit (ejer. 1993, 1994, 1995)

1997

Accounts deposit (ejer. 1996) Board Meeting (2)

1998

Appointments/ Re-elections (1) Board Meeting (1)

1999

Board Meeting (2)

2000

Accounts deposit (ejer. 1997, 1998) Appointments/ Re-elections (1) Capital Reduction (4) Cessations/ Resignations/ Reversals (1) Increase of Capital (2) Other Concepts/ Events (1) Statutory Modifications (1)

2001

Accounts deposit (ejer. 1999) Appointments/ Re-elections (4) Board Meeting (1) Capital Reduction (2) Cessations/ Resignations/ Reversals (5) Increase of Capital (1)

2002

Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (1)

2003

Accounts deposit (ejer. 2002) Capital Reduction (2) Increase of Capital (3) Statutory Modifications (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (3) Board Meeting (2) Cessations/ Resignations/ Reversals (4) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (1)

2005

Accounts deposit (ejer. 2004) Board Meeting (3) Dividends Payment (2) Increase of Capital (2)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (2) Board Meeting (3) Dividends Payment (1) Increase of Capital (1)

2007

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Other Concepts/ Events (1) Statutory Modifications (1)

2008

Accounts deposit (ejer. 2006, 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (1)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Other Concepts/ Events (1)

2013

Accounts deposit (ejer. 2011, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

8.768.895,39

Paid up capital:

7.269.365,04

Updated Evolution of the Subscribed and Paid-in Capital

wordml://1077

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

29/06/1992

Company Formation

721.215

360.607

721.215

360.607

08/02/1994

Capital call payment

---

360.607

721.215

11/12/2000

Increase of Capital

732.045

1.453.259

11/12/2000

Capital Reduction

-581.304

871.956

11/12/2000

Increase of Capital

593.473

1.465.429

11/12/2000

Capital Reduction

-1.103.956

361.472

07/11/2001

Increase of Capital

474.402

835.875

07/11/2001

Capital Reduction

-366.017

469.858

15/07/2002

Increase of Capital

469.858

939.715

06/10/2003

Capital Reduction

-111.640

828.075

06/10/2003

Increase of Capital

925

829.000

21/10/2003

Increase of Capital

1.000.000

1.829.000

22/03/2004

Increase of Capital

899.996

2.728.996

03/02/2005

Increase of Capital

2.039.660

1.019.830

4.768.656

3.748.826

04/04/2005

Capital call payment

---

1.019.830

4.768.656

22/06/2005

Increase of Capital

2.000.866

560.242

6.769.522

5.328.898

09/11/2005

Capital call payment

---

940.407

6.769.522

6.269.305

03/01/2006

Capital call payment

---

500.216

6.769.522

03/10/2006

Increase of Capital

1.999.374

499.843

8.768.895

7.269.365

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

SPAIN PHARMA SA

04/12/2007

JOINT MANAGER

ORTUZAR ANDECHAGA IGNACIO

06/06/2013

GUTIERREZ SANCHEZ MARIA DEL VALLE

06/06/2013

ORTUZAR GUTIERREZ MARIO

06/06/2013

COMBINED PROXY

SANCHEZ ROEZNILLO ROSA MARIA

06/06/2013

CARRASCO LANCHARRO MOISES

06/06/2013

PROXY

PARRA VELASCO JOSE LUIS

13/07/2009

ACCOUNTS' AUDITOR / HOLDER

CAPITAL AUDITORS AND CONSULTANTS SL

10/02/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

AGUSTI SANCHEZ AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

30/12/2008

ACCOUNTS' AUDITOR / HOLDER

15/01/2010

ACCOUNTS' AUDITOR / HOLDER

27/01/2011

ALONSO VALLEJO GREGORIO

PROXY

31/05/2001

ALTARRIBA FIGUEREDO JORDI

PROXY

02/06/2011

ARRANZ ABASCAL JOSE IGNACIO

COMBINED PROXY

10/11/2011

COMBINED PROXY

06/06/2013

ASOCIACION AGRICULTURA MONTAÑA IZKIZ

MEMBER OF THE BOARD

11/12/2000

BAÑOS OLAVARRI ALBERTO

DEPUTY ACCOUNTS' AUDITOR

15/07/2002

DEPUTY ACCOUNTS' AUDITOR

04/09/2002

CAJA AHORROS VITORIA ALAVA

MEMBER OF THE BOARD

11/12/2000

PRESIDENT

22/02/1995

CAPITAL AUDITORS AND CONSULTANTS SL

ACCOUNTS' AUDITOR / HOLDER

10/02/2014

CORCHERO ALBARRAN FELIX

COMBINED PROXY

10/11/2011

COMBINED PROXY

06/06/2013

COMBINED PROXY

06/06/2013

CORRAL TORREIRO JUAN CARLOS

PROXY

26/07/2004

SECRETARY

26/07/2004

PROXY

25/04/2001

FERNANDEZ CID GUTIERREZ RICARDO

COMBINED PROXY

08/04/2008

GABINETE A 3 INVERSIONES Y PROYECTOS SA

SINGLE ADMINISTRATOR

07/11/2001

GARCIA HERNANDEZ MARIA DOLORES

MEMBER OF THE BOARD

04/12/2007

GUEVARA SALETA JUAN RAMON

PROXY

22/02/1995

NON CONSELLOR SECRETARY

11/12/2000

GUTIERREZ SANCHEZ MARIA DEL VALLE

JOINT MANAGER

06/06/2013

MEMBER OF THE BOARD

04/12/2007

VICE CHAIRMAN

04/12/2007

GUTIERREZ SANCHEZ RICARDO

MEMBER OF THE BOARD

04/12/2007

IPARRAGUIRRE ABAD ISABEL

COMBINED PROXY

07/01/2008

MEMBER OF THE BOARD

04/12/2007

COMBINED PROXY

10/11/2011

COMBINED PROXY

10/11/2011

JACQUES CLAUDE PONLOT

MEMBER OF THE BOARD

29/05/2007

PROXY

22/03/2004

JEAN CURUTCHARRY

MEMBER OF THE BOARD

29/05/2007

NEKEZAL IKERKETA ETA TEKNOLOGIA SA

MEMBER OF THE BOARD

11/12/2000

OJER IBIRICU JAVIER

PROXY

31/05/2001

ORTUZAR ANDECHAGA IGNACIO

MEMBER OF THE BOARD

04/12/2007

CHIEF EXECUTIVE OFFICER

04/12/2007

PRESIDENT

04/12/2007

JOINT MANAGER

06/06/2013

ORTUZAR SOMOZA BEGOÑA

SECRETARY

04/12/2007

RAMIREZ LIANTE JOSE ANTONIO

PROXY

31/05/2001

SANCHO GASTON JOSE MIGUEL

ACCOUNTS' AUDITOR / HOLDER

15/07/2002

ACCOUNTS' AUDITOR / HOLDER

04/09/2002

SOCIEDAD ANONIMA BIOLUZ

MEMBER OF THE BOARD

11/12/2000

SOCIEDAD ANONIMA BIOSOL

MEMBER OF THE BOARD

11/12/2000

TECHNOPLEX SOCIETE ANONNYME

SINGLE ADMINISTRATOR

22/03/2004

TECNICOS EN VALORACIONES SL

MEMBER OF THE BOARD

11/12/2000

PRESIDENT

11/12/2000

VALLE FERNANDEZ LUIS

PROXY

22/02/1995

ZARATE Y ASOCIADOS AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

27/02/2006

Post

NIF

Name

ADMINISTRATOR

IGNACIO ORTUZAR ANDECHAGA

ADMINISTRATOR

MARIA VALLE GUTIERREZ SANCHEZ

ADMINISTRATOR

MARIO ORTUZAR GUTIERREZ

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.

The current debt represents a 14.11of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

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

It has financial profitability.. BIOMENDI SA obtains financial return as a consequence of an investment in its own resources which, a priori, might improve its financial and economic situation.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out:

21 Manufacture of basic pharmaceutical products and pharmaceutical preparations

wordml://2879

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 93.00% of the companies of the sector BIOMENDI 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.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION

Legal Proceedings (Bankruptcy Law 22/2003)

No se han publicado

Quiebras y Suspensiones de Pagos (anterior legislación concursal)

No se han publicado

INCIDENCES WITH THE PUBLIC ADMINISTRATIONS

Incidences with the Tax Agency

No se han publicado

Incidences with the Social Security

No se han publicado

Incidences with the Autonomous Administration

No se han publicado

Incidences with the Local Administration

No se han publicado

PROCEDURES BEFORE COURTS OF CIVIL MATTERS

Procedures by the Civil Procedural Law 1/2000

No se han publicado

Proceedings by the old Civil Procedural Law 1.881

No se han publicado

PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL

Procedimientos ante Juzgados de lo Social

No se han publicado

Link List

IS RELATED WITH:

1 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

SPAIN PHARMA SA

MADRID

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

GENFARMA LABORATORIO SL

TOLEDO

Turnover

Total Sales 2014

10.700.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

October 2014

2012

Normales

November 2013

2011

Normales

May 2013

2010

Normales

September 2011

2009

Normales

August 2010

2008

Normales

August 2009

2007

Normales

July 2008

2006

Normales

January 2008

2005

Normales

July 2006

2004

Normales

February 2005

2003

Normales

August 2004

2002

Normales

August 2003

2001

Normales

July 2002

2000

Normales

July 2002

1999

Normales

February 2001

1998

Normales

August 2000

1997

Normales

August 2000

1996

Normales

August 1997

1995

Normales

August 1996

1994

Normales

December 1995

1993

Normales

December 1995

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 Mixto 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

8.191.453,00

6.744.589,00

6.949.487,00

7.452.830,00

6.681.077,00

I. Intangible fixed assets : 11100

2.107.340,00

1.606.606,00

852.391,00

673.689,00

75.377,00

1. Development: 11110

2.103.732,00

-24.648,00

829.958,00

636.681,00

0,00

2. Concessions: 11120

0,00

24.648,00

0,00

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

2.637,00

9.211,00

20.682,00

34.288,00

71.463,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

971,00

1.236,00

1.752,00

2.720,00

3.915,00

6. Investigation: 11160

0,00

1.596.160,00

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

II. Tangible fixed assets : 11200

4.370.109,00

4.467.626,00

5.159.214,00

5.809.958,00

6.364.867,00

1. Land and buildings: 11210

2.019.363,00

2.077.610,00

2.161.352,00

2.226.586,00

1.518.338,00

2. Technical installations and other tangible fixed assets: 11220

2.350.746,00

2.380.757,00

2.994.062,00

3.573.485,00

4.121.487,00

3. Tangible asset in progress and advances: 11230

0,00

9.259,00

3.800,00

9.888,00

725.042,00

III. Real estate investment: 11300

0,00

1. Land: 11310

0,00

2. Buildings: 11320

0,00

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

0,00

1. Equity instruments: 11410

0,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

1.054.519,00

54.547,00

56.626,00

57.326,00

1. Equity instruments: 11510

52.889,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

1.001.630,00

1.658,00

3.737,00

4.437,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

659.485,00

615.808,00

883.334,00

912.557,00

183.507,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

9.134.495,00

9.568.258,00

9.170.716,00

7.877.636,00

6.776.510,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.033.121,00

2.149.345,00

1.968.395,00

2.143.458,00

2.302.113,00

1. Commercial: 12210

1.714.693,00

0,00

2. Primary material and other supplies: 12220

0,00

1.785.558,00

1.755.067,00

1.657.171,00

1.923.007,00

3. Work in progress: 12230

161.824,00

160.455,00

192.506,00

174.634,00

206.433,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

161.824,00

160.455,00

192.506,00

174.634,00

206.433,00

4. Finished goods: 12240

156.604,00

203.332,00

20.823,00

311.654,00

172.673,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

156.604,00

203.332,00

20.823,00

311.654,00

172.673,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

5.270.592,00

5.796.242,00

2.987.722,00

4.047.657,00

3.426.344,00

1. Trade debtors / accounts receivable: 12310

104.982,00

5.729.061,00

2.855.718,00

3.927.306,00

3.292.342,00

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

0,00

b) Customers for sales and provisions of services : 12312

104.982,00

5.729.061,00

2.855.718,00

3.927.306,00

3.292.342,00

2. Customers, Group companies and associates : 12320

5.138.677,00

0,00

75.520,00

0,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

17.560,00

26.401,00

6.374,00

0,00

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

9.372,00

40.781,00

50.110,00

44.831,00

134.002,00

7. Called up share capital: 12370

0,00

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

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

3.089,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

3.089,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

28.268,00

29.260,00

28.063,00

27.793,00

31.539,00

VII. Cash and other equivalent liquid assets : 12700

1.802.514,00

1.593.411,00

4.183.448,00

1.658.727,00

1.016.514,00

1. Treasury: 12710

1.802.514,00

1.593.411,00

4.183.448,00

1.658.727,00

1.016.514,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

17.325.948,00

16.312.847,00

16.120.204,00

15.330.466,00

13.457.587,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

13.784.693,00

13.385.445,00

13.180.609,00

12.351.368,00

9.682.388,00

A-1) Shareholders' equity: 21000

13.662.233,00

13.300.217,00

13.077.264,00

12.229.841,00

9.537.650,00

I. Capital: 21100

7.269.365,00

1. Registered capital : 21110

8.768.895,00

2. (Uncalled capital): 21120

-1.499.530,00

II. Share premium: 21200

0,00

III. Reserves: 21300

6.018.967,00

5.582.259,00

4.960.475,00

3.228.964,00

1.037.701,00

1. Legal y estatutarias: 21310

469.885,00

400.025,00

0,00

142.132,00

0,00

2. Other reserves: 21320

5.549.082,00

5.182.233,00

0,00

3.086.832,00

1.037.701,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

-190.735,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

-190.735,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

473.901,00

698.594,00

847.424,00

1.731.512,00

1.421.318,00

VIII. (Interim dividend): 21800

-100.000,00

-250.000,00

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

122.460,00

85.227,00

103.345,00

121.527,00

144.738,00

B) NON-CURRENT LIABILITIES: 31000

1.095.761,00

764.116,00

715.303,00

578.283,00

827.013,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

1.037.091,00

730.972,00

675.114,00

531.023,00

770.726,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

48.750,00

375.114,00

531.023,00

770.726,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

1.037.091,00

682.222,00

300.000,00

0,00

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

0,00

IV. Liabilities for deferred tax: 31400

58.669,00

33.144,00

40.190,00

47.261,00

56.287,00

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

2.445.494,00

2.163.286,00

2.224.291,00

2.400.814,00

2.948.187,00

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

0,00

II. Short-term provisions: 32200

10.000,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

10.000,00

0,00

III. Short-term creditors : 32300

149.278,00

319.493,00

495.457,00

504.735,00

587.912,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

49.278,00

69.493,00

495.457,00

493.215,00

587.912,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

100.000,00

250.000,00

0,00

11.520,00

0,00

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

0,00

V. Trade creditors and other accounts payable: 32500

2.286.216,00

1.833.793,00

1.728.834,00

1.881.656,00

2.360.275,00

1. Suppliers: 32510

4.594,00

23.033,00

507.776,00

17.766,00

34.661,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

4.594,00

23.033,00

507.776,00

17.766,00

34.661,00

2. Suppliers, Group companies and associates: 32520

1.159.556,00

0,00

36.966,00

180.000,00

512.624,00

3. Other creditors: 32530

902.032,00

1.556.492,00

892.215,00

1.409.914,00

1.609.976,00

4. Personnel (remuneration due): 32540

6.068,00

291,00

273,00

2.277,00

0,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

213.966,00

253.977,00

291.605,00

271.699,00

203.014,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

14.424,00

0,00

VII. Special short-term debts : 32700

0,00

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

17.325.948,00

16.312.847,00

16.120.204,00

15.330.466,00

13.457.587,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

10.883.843,00

11.215.068,00

12.191.970,00

12.804.594,00

13.126.369,00

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

-45.359,00

150.458,00

-272.959,00

107.181,00

52.230,00

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

507.572,00

766.203,00

407.427,00

636.681,00

0,00

4. Supplies : 40400

-3.851.156,00

-3.941.093,00

-4.171.061,00

-4.279.074,00

-4.000.510,00

5. Other operating income: 40500

12.000,00

14.267,00

0,00

6. Personnel costs: 40600

-4.472.188,00

-4.542.935,00

-4.557.746,00

-4.745.535,00

-4.756.867,00

7. Other operating costs: 40700

-1.960.374,00

-2.195.479,00

-1.951.362,00

-1.757.927,00

-1.765.165,00

8. Amortisation of fixed assets: 40800

-787.284,00

-797.865,00

-811.162,00

-806.980,00

-760.911,00

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

27.335,00

25.164,00

25.253,00

32.237,00

32.158,00

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

96.125,00

0,00

6.888,00

7.326,00

27.493,00

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

410.514,00

693.786,00

867.249,00

1.998.503,00

1.954.797,00

14. Financial income : 41400

23.127,00

68.501,00

40.288,00

6,00

0,00

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

0,00

b) Other financial income: 41490

23.127,00

68.501,00

40.288,00

6,00

0,00

15. Financial expenditure: 41500

-854,00

-21.809,00

-30.891,00

-35.368,00

-41.809,00

16. Changes in fair value of financial instruments : 41600

0,00

17. Exchange rate differences : 41700

-2.564,00

0,00

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

19.710,00

46.693,00

9.397,00

-35.362,00

-41.809,00

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

430.224,00

740.479,00

876.646,00

1.963.141,00

1.912.988,00

20. Income taxes: 41900

43.677,00

-41.885,00

-29.223,00

-231.629,00

-491.670,00

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

473.901,00

698.594,00

847.424,00

1.731.512,00

1.421.318,00

> 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:

1.499.530,00

B) FIXED ASSETS:

7.531.968,00

6.128.780,00

6.066.153,00

6.540.273,00

6.497.570,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

2.107.340,00

1.606.606,00

852.391,00

673.689,00

75.377,00

1. Research and development costs:

2.103.732,00

1.571.512,00

829.958,00

636.681,00

0,00

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

2.637,00

33.859,00

20.682,00

34.288,00

71.463,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

971,00

1.236,00

1.752,00

2.720,00

3.915,00

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:

4.370.109,00

4.467.626,00

5.159.214,00

5.809.958,00

6.364.867,00

1. Land and construction:

2.019.363,00

2.077.610,00

2.161.352,00

2.226.586,00

1.518.338,00

2. Technical installations and machinery:

1.990.291,00

2.015.700,00

2.534.963,00

3.025.538,00

3.489.512,00

3. Other installations, tools and furniture:

319.859,00

323.942,00

407.393,00

486.233,00

560.798,00

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

0,00

9.259,00

3.800,00

9.888,00

725.042,00

5. Other tangible assets:

40.597,00

41.115,00

51.707,00

61.713,00

71.177,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

1.054.519,00

54.547,00

56.626,00

57.326,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

52.889,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

1.001.630,00

1.658,00

3.737,00

4.437,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

9.793.980,00

10.184.066,00

10.054.051,00

8.790.192,00

6.960.017,00

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

0,00

II. Stocks:

2.033.121,00

2.149.345,00

1.968.395,00

2.143.458,00

2.302.113,00

1. Goods for resale:

1.714.693,00

0,00

2. Raw materials and other consumables:

0,00

1.785.558,00

1.755.067,00

1.657.171,00

1.923.007,00

3. Goods in process and semifinished ones:

161.824,00

160.455,00

192.506,00

174.634,00

206.433,00

4. Finished products:

156.604,00

203.332,00

20.823,00

311.654,00

172.673,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

5.930.077,00

6.412.051,00

3.871.057,00

4.960.214,00

3.609.851,00

1. Trade debtors / accounts receivable:

104.982,00

5.729.061,00

2.855.718,00

3.927.306,00

3.292.342,00

2. Accounts receivable, Group companies:

5.138.677,00

0,00

75.520,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

6. Public bodies:

686.418,00

682.990,00

939.819,00

957.388,00

317.509,00

7. Provisions:

0,00

IV. Short-term investments:

0,00

3.089,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

0,00

3.089,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.802.514,00

1.593.411,00

4.183.448,00

1.658.727,00

1.016.514,00

VII. Prepayments and accrued income:

28.268,00

29.260,00

28.063,00

27.793,00

31.539,00

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

18.825.478,00

17.812.377,00

17.619.734,00

16.829.996,00

14.957.117,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

15.198.502,00

14.825.316,00

14.607.798,00

13.765.829,00

11.080.601,00

I. Subscribed capital:

8.768.895,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

6.055.705,00

5.607.827,00

4.991.479,00

3.265.422,00

1.081.123,00

1. Legal reserve:

469.885,00

400.025,00

4.960.475,00

142.132,00

0,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

5.585.820,00

5.207.801,00

31.003,00

3.123.290,00

1.081.123,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

-190.735,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

-190.735,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

473.901,00

698.594,00

847.424,00

1.731.512,00

1.421.318,00

VII. Interim dividend paid:

-100.000,00

-250.000,00

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

85.722,00

59.659,00

72.341,00

85.069,00

101.317,00

1. Capital grants:

85.722,00

59.659,00

72.341,00

85.069,00

101.317,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

1.095.761,00

764.116,00

715.303,00

578.283,00

827.013,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

48.750,00

375.114,00

531.023,00

770.726,00

1. Loans and other liabilities:

0,00

48.750,00

375.114,00

531.023,00

770.726,00

2. Long-term liabilities from capital leases:

0,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

1.095.761,00

715.366,00

340.190,00

47.261,00

56.287,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

1.037.091,00

682.222,00

300.000,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

58.669,00

33.144,00

40.190,00

47.261,00

56.287,00

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:

2.435.494,00

2.153.286,00

2.224.291,00

2.400.814,00

2.948.187,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

49.278,00

69.493,00

495.457,00

493.215,00

587.912,00

1. Loans and other liabilities:

49.278,00

69.493,00

495.457,00

493.215,00

587.912,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

1.159.556,00

0,00

36.966,00

180.000,00

512.624,00

1. Amounts owed to group companies:

1.159.556,00

0,00

36.966,00

180.000,00

512.624,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

906.626,00

1.579.525,00

1.399.990,00

1.427.680,00

1.644.637,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

906.626,00

1.579.525,00

1.399.990,00

1.427.680,00

1.644.637,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

320.034,00

504.268,00

291.878,00

285.496,00

203.014,00

1. Public bodies:

213.966,00

253.977,00

291.605,00

271.699,00

203.014,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

100.000,00

250.000,00

0,00

11.520,00

0,00

4. Wages and salaries payable:

6.068,00

291,00

273,00

2.277,00

0,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

14.424,00

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

10.000,00

0,00

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

18.825.478,00

17.812.377,00

17.619.734,00

16.829.996,00

14.957.117,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

11.076.102,00

11.541.067,00

11.824.404,00

11.856.513,00

11.816.931,00

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

45.359,00

0,00

272.959,00

0,00

A.2. Supplies:

3.851.156,00

3.941.093,00

4.171.061,00

4.279.074,00

4.000.510,00

a) Stock consumption:

10,00

11,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

3.851.146,00

3.941.083,00

4.171.051,00

4.279.074,00

4.000.510,00

c) Miscellaneous external expenditure:

0,00

A.3. Staff costs:

4.472.188,00

4.542.935,00

4.557.746,00

4.745.535,00

4.756.867,00

a) Wages, salaries et al.:

3.509.004,00

3.564.514,00

3.576.135,00

3.707.279,00

3.695.791,00

b) Social security costs:

963.184,00

978.421,00

981.611,00

1.038.256,00

1.061.076,00

A.4. Depreciation expense:

787.284,00

797.865,00

811.162,00

806.980,00

760.911,00

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

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

1.960.374,00

2.195.479,00

1.951.362,00

1.757.927,00

1.765.165,00

a) External services:

1.947.249,00

2.180.779,00

1.938.296,00

1.721.365,00

1.752.549,00

b) Taxes:

13.126,00

14.700,00

13.065,00

36.562,00

12.615,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

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

287.054,00

668.623,00

835.107,00

1.958.941,00

1.895.146,00

A.7. Financial and similar charges:

854,00

21.809,00

30.891,00

35.368,00

41.809,00

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.:

854,00

21.809,00

30.891,00

35.368,00

41.809,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

2.564,00

0,00

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

19.710,00

46.693,00

9.397,00

0,00

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

306.764,00

715.315,00

844.505,00

1.923.579,00

1.853.338,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

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

123.461,00

25.164,00

32.142,00

39.562,00

59.651,00

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

430.224,00

740.479,00

876.646,00

1.963.141,00

1.912.988,00

A.15. Corporation tax:

-43.677,00

41.885,00

29.223,00

231.629,00

491.670,00

A.16. Miscellaneous taxes:

0,00

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

473.901,00

698.594,00

847.424,00

1.731.512,00

1.421.318,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

11.550.003,00

12.239.660,00

12.671.827,00

13.588.025,00

13.238.250,00

B.1. Net total sales:

10.883.843,00

11.215.068,00

12.191.970,00

12.804.594,00

13.126.369,00

a) Sales:

10.250.041,00

10.561.977,00

11.481.991,00

12.654.249,00

13.126.369,00

b) Rendering of services:

633.803,00

653.091,00

709.979,00

150.345,00

0,00

Returns and Rappel on sales:

0,00

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

0,00

150.458,00

0,00

107.181,00

52.230,00

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

507.572,00

766.203,00

407.427,00

636.681,00

0,00

B.4. Miscellaneous operating income:

12.000,00

14.267,00

0,00

a) Auxiliary income and other from current management:

12.000,00

14.267,00

0,00

b) Grants:

0,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

23.127,00

68.501,00

40.288,00

6,00

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

23.127,00

68.501,00

40.288,00

6,00

0,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

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

0,00

35.362,00

41.809,00

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

0,00

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

0,00

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

0,00

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

27.335,00

25.164,00

25.253,00

32.237,00

32.158,00

B.12. Extraordinary income:

96.125,00

0,00

6.888,00

7.326,00

27.493,00

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

0,00

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

0,00

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

0,00

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

0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

430.224,00

740.479,00

876.646,00

1.963.141,00

1.912.988,00

2. Results adjustments.: 61200

740.239,00

772.702,00

842.395,00

842.374,00

288.657,00

a) Fixed Assets Amortization (+).: 61201

787.284,00

797.865,00

811.162,00

806.980,00

760.911,00

d) Allocation of grants (-).: 61204

-27.335,00

-25.164,00

-25.253,00

-32.237,00

-23.154,00

g) Financial income (-).: 61207

-23.127,00

-68.501,00

40.288,00

-6,00

0,00

h) Financial Expenses (+). : 61208

854,00

21.809,00

30.891,00

35.368,00

41.809,00

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

2.564,00

0,00

-490.910,00

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

0,00

-14.693,00

32.269,00

0,00

3. Changes in current capital equity.: 61300

1.095.289,00

-2.878.471,00

1.085.460,00

-929.757,00

-406.714,00

a) Stock (+/-).: 61301

116.224,00

-180.949,00

175.062,00

158.655,00

-582.355,00

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

525.651,00

-2.811.284,00

1.066.309,00

-621.313,00

145.243,00

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

992,00

-1.198,00

0,00

5.245,00

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

452.423,00

104.960,00

-152.822,00

-467.099,00

127.153,00

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

0,00

10.000,00

0,00

-102.000,00

f) Other non-current assets and liabilities (+/-).: 61306

0,00

-3.089,00

0,00

4. Other cash flows for operating activities.: 61400

63.387,00

208.480,00

-71.179,00

-35.362,00

2.167,00

a) Interest payments (-). : 61401

-854,00

1.145,00

-30.891,00

-35.368,00

-41.809,00

c) Interest collection (+). : 61403

0,00

-40.288,00

6,00

0,00

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

43.677,00

207.334,00

0,00

43.975,00

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

20.563,00

0,00

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

2.329.139,00

-1.156.811,00

2.733.322,00

1.840.396,00

1.797.098,00

6. Payments for investment (-).: 62100

-2.234.149,00

-91.201,00

-559.645,00

-864.482,00

-816.926,00

b) Intangible fixed assets. : 62102

-507.572,00

-1.817,00

-415.613,00

-641.491,00

0,00

c) Fixed assets. : 62103

-682.928,00

-92.473,00

-144.032,00

-222.991,00

-1.308.865,00

e) Other financial assets. : 62105

-999.972,00

3.089,00

0,00

269,00

h) Other assets. : 62108

-43.677,00

0,00

491.670,00

7. Divestment payment collection (+). : 62200

0,00

216.229,00

700,00

0,00

b) Intangible fixed assets. : 62202

0,00

214.151,00

0,00

h) Other assets. : 62208

0,00

2.079,00

700,00

0,00

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

-3.021.432,00

-889.067,00

-343.416,00

-863.782,00

-816.926,00

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

64.568,00

603.665,00

0,00

136.232,00

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

0,00

621.783,00

0,00

960.679,00

0,00

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

64.568,00

-18.118,00

0,00

136.232,00

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

299.544,00

-352.537,00

134.814,00

-334.400,00

-198.457,00

a) Issuance : 63201

368.509,00

398.646,00

300.000,00

0,00

5. Other debts (+). : 63206

368.509,00

398.646,00

300.000,00

0,00

b) Repayment and amortization of : 63207

-68.965,00

-751.183,00

-165.186,00

-334.400,00

-198.457,00

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

-68.965,00

-751.183,00

-165.186,00

-334.400,00

-198.457,00

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

-250.000,00

0,00

a) Dividends (-).: 63301

-250.000,00

0,00

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

114.112,00

251.128,00

134.814,00

-334.400,00

-62.225,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

209.103,00

-996.883,00

2.524.720,00

642.214,00

917.948,00

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

1.593.411,00

4.183.448,00

1.658.727,00

1.016.514,00

98.566,00

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

1.802.514,00

1.593.411,00

4.183.448,00

1.658.727,00

1.016.514,00

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:

0,02 %

0,01 %

-0,23 %

0,00 %

108,32 %

EBITDA over Sales:

9,87 %

6,87 %

13,08 %

5,96 %

-24,51 %

15,33 %

Cash Flow Yield:

0,01 %

-0,16 %

0,00 %

107,60 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,93 %

4,77 %

4,27 %

2,35 %

-54,72 %

102,60 %

Total economic profitability:

2,49 %

4,55 %

4,67 %

1,96 %

-46,76 %

132,26 %

Financial profitability:

3,47 %

5,12 %

5,25 %

-0,48 %

-33,96 %

1.164,80 %

Margin:

2,76 %

3,93 %

5,78 %

2,10 %

-52,33 %

86,83 %

Mark-up:

2,93 %

3,33 %

6,17 %

0,34 %

-52,54 %

877,49 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,74

0,20

0,74

0,17

0,02

21,98

Acid Test:

2,90

1,10

3,43

1,01

-15,37

8,75

Working Capital / Investment:

0,39

0,17

0,45

0,14

-14,95

20,82

Solvency:

4,02

1,58

4,73

1,53

-14,97

3,84

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,26

1,11

0,22

1,27

17,54

-12,70

Borrowing Composition:

0,45

0,64

0,35

0,85

26,79

-24,86

Repayment Ability:

16,89

48,36

-1,13

-4.815,95

1.599,27

101,00

Warranty:

4,91

1,91

5,59

1,79

-12,25

6,62

Generated resources / Total creditors:

0,36

0,10

0,51

0,05

-30,37

101,90

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,24

1,39

1,32

1,33

-6,24

4,37

Turnover of Collection Rights :

2,16

4,47

2,07

4,32

4,54

3,44

Turnover of Payment Entitlements:

2,52

3,82

3,43

3,63

-26,43

5,22

Stock rotation:

5,47

6,53

5,27

5,61

3,75

16,37

Assets turnover:

0,70

1,21

0,74

1,12

-5,01

8,44

Borrowing Cost:

0,02

2,49

0,75

2,92

-96,77

-14,66

> 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:

0,02 %

-0,23 %

0,21 %

0,05 %

0,07 %

EBITDA over Sales:

9,87 %

13,08 %

13,50 %

21,60 %

20,23 %

Cash Flow Yield:

0,01 %

-0,16 %

0,16 %

0,04 %

0,07 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

1,93 %

4,27 %

5,36 %

13,04 %

14,38 %

Total economic profitability:

2,49 %

4,67 %

5,63 %

13,04 %

14,53 %

Financial profitability:

3,47 %

5,25 %

6,48 %

14,16 %

14,90 %

Margin:

2,76 %

5,78 %

6,83 %

14,81 %

14,68 %

Mark-up:

2,93 %

6,17 %

6,90 %

14,55 %

14,36 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,74

1,88

0,69

0,34

Acid Test:

2,90

3,43

3,23

2,38

1,51

Working Capital / Investment:

0,39

0,45

0,43

0,36

0,28

Solvency:

4,02

4,73

4,52

3,66

2,36

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,26

0,22

0,24

0,39

Borrowing Composition:

0,45

0,35

0,32

0,24

0,28

Repayment Ability:

16,89

-1,13

1,16

4,64

4,11

Warranty:

4,91

5,59

5,48

5,15

3,56

Generated resources / Total creditors:

0,36

0,51

0,56

0,85

0,58

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,24

1,32

1,36

1,58

1,56

Turnover of Collection Rights :

2,16

2,07

4,22

3,32

3,83

Turnover of Payment Entitlements:

2,52

3,43

3,38

3,27

2,46

Stock rotation:

5,47

5,27

5,98

5,36

4,88

Assets turnover:

0,70

0,74

0,78

0,88

0,98

Borrowing Cost:

0,02

0,75

1,05

1,19

1,11

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

Organisation that calls the tender:

AYUNTAMIENTO DE BERNEDO

Objective of Tender:

enajenacion de parcela numero 1214 del poligono numero 6 del poligono industrial de bernedo.

Date Awarded:

20/10/2008

Cost:

104.895,00 EURO.

Organisation that calls the tender:

HOSPITAL UNIVERSITARIO PRINCIPE DE ASTURIAS DE ALCALA DE HENARES

Objective of Tender:

Adquisición de fluidoterapia y medios de contraste radiológicos

Date Awarded:

19/12/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

SERVICIO MADRILEÑO DE SALUD

Objective of Tender:

Suministro de productos de fluidoterapia y medios de contraste radiológicos

Date Awarded:

19/12/2006

Cost:

562.066,20 EURO.

Organisation that calls the tender:

HOSPITAL UNIVERSITARIO DE LA PRINCESA DE MADRID

Objective of Tender:

Sueros

Date Awarded:

04/07/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

HOSPITAL UNIVERSITARIO DE LA PRINCESA DE MADRID

Objective of Tender:

Sueros

Date Awarded:

04/07/2006

Cost:

Importe compartido entre distintos Contratistas

Organisation that calls the tender:

SERVICIO VASCO DE SALUD

Objective of Tender:

ADQUISICION DEL MEDICAMENTO SOLUCIONES PARA FLUIDOTERAPIA PARA LAS ORGANIZACIONES SANITARIAS DE OSAKIDETZA-SERVICIO VASCO DE SALUD.

Date Awarded:

21/10/2003

Cost:

1.376.710,00 EURO.

Organisation that calls the tender:

HOSPITAL RAMON Y CAJAL DE MADRID

Objective of Tender:

ADQUISICION DE MEDICAMENTOS CON DESTINO AL SERVICIO DE FARMACIA.

Date Awarded:

09/08/2001

Cost:

254.592 PTS.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

erein CIII.

Amount Granted

189.211,76

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

proyecto erein

Amount Granted

76.649,19

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO

Status

CONCEDIDA

Amount Granted

50.732,45

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

Erein.

Amount Granted

29.598,70

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

Innotek.

Amount Granted

15.574,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

Gaitek.

Amount Granted

13.825,76

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

Gaitek 06.

Amount Granted

8.447,00

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Project

Web.

Amount Granted

954,60

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

17.837,40

Notes

Erein CIII. Dicho importe corresponde al traspasado a resultados del ejercicio. Al cierre del mismo queda pendiente de imputar 111.830,93 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

10.640,85

Notes

Proyecto Erein. Dicho importe corresponde al traspasado a resultados del ejercicio.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

2.336,16

Notes

Proyecto Innotek. Dicho importe corresponde al traspasado a resultados del ejercicio. Al cierre del mismo queda pendiente de imputar 6.447,60 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

1.263,48

Notes

Proyecto Gaitek. Dicho importe corresponde al traspasado a resultados del ejercicio. Al cierre del mismo queda pendiente de imputar 2.819.24 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

158,95

Notes

Proyecto Web. Dicho importe corresponde al traspasado a resultados del ejercicio. Al cierre del mismo queda pendiente de imputar 429,66 euros.

Entity

ORGANISMO NO ESPECIFICADO

Status

CONCEDIDA

Amount Granted

37.147,67

Research Summary

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.84
UK Pound	1	Rs.95.14
Euro	1	Rs.69.25

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit